Meeting Type: BCC Regular Meeting
Meeting Date: 10/6/2020
Item Status: New
From: Ron Cink, Budget Director
Submitted by: Christie Davis, Senior Budget Accountant; Anu Gary, Administrative Services Director
______________________________________________________________________
ITEM TITLE
Title
Resolution #2021-008 - Baldwin County’s Taxable General Obligation Warrants, Series 2020-B, to be dated October 22, 2020
Body
STAFF RECOMMENDATION
Recommendation
Related to Baldwin County’s Taxable General Obligation Warrants, Series 2020-B, to be dated October 22, 2020, take the following actions:
1) Adopt Resolution #2021-008 which authorizes the issuance of the County’s Taxable General Obligation Warrants, Series 2020-B, to be dated October 22, 2020; and
2) Approve the execution of a Refunding Trust Agreement for the refunding of portions of the outstanding Series 2013, 2014, and 2015 Warrants; and
3) Authorize the Chairman to sign the County Government Bond Financing Review Form and any other documentation necessary to conduct the above transaction.
End
BACKGROUND INFORMATION
Previous Commission action/date: N/A
Background: Refunding Trust Agreement, and County Government Bond Financing Review Form are forthcoming from the Bond Counsel.
General Obligation Warrants, Series 2020-B will refinance $33,730,000.00 outstanding Series 2013, 2014, and 2015 warrants, which will decrease the interest rate for the County, creating an approximate savings $1,478,698.00.
FINANCIAL IMPACT
Total cost of recommendation: TBD
Budget line item(s) to be used: N/A
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Ron Cink, Budget Director - Have resolution and all related documents executed by Chairman, provide to bond counsel and cc: Administration and Finance and Accounting Department to all documents.
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A