Baldwin County, Alabama
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File #: 21-0685    Version:
Agenda section: Action Items Status: Agenda Ready
File created: 3/15/2021 Meeting type: Baldwin County Commission Regular
On agenda: 4/20/2021 Final action:
Agenda item title: *Resolution #2021-063 - Authorization for the Issuance, Sale, Delivery and Payment of a $30,000,000.00 Maximum Principal Amount General Obligation Taxable Warrant, Series 2021-A
Attachments: 1. Resolution 2021-063 2021 Additional LOC, 2. *Resolution 2021-063 2021 Additional LOC, 3. *Baldwin County $30mm RFP Response form Trustmark Bank 15April2021, 4. *BE8-Resolution 2021-063-SIGNED.pdf

Meeting Type:   BCC Regular Meeting

Meeting Date:  4/20/2021

Item Status:   Replacement

From: Ronald Cink, Budget Director; Cian Harrison, Clerk Treasurer

Submitted by:  Ronald Cink, Budget Director

______________________________________________________________________

 

ITEM TITLE

Title

*Resolution #2021-063 - Authorization for the Issuance, Sale, Delivery and Payment of a $30,000,000.00 Maximum Principal Amount General Obligation Taxable Warrant, Series 2021-A

Body

 

STAFF RECOMMENDATION

Recommendation

Related to the General Obligation Taxable Warrant, Series 2021-A, take the following actions:

1)  Approve and adopt Resolution #2021-063 authorizing the issuance, sale, delivery and payment of a $30,000,000
.00 maximum principal amount general obligation taxable warrant, Series 2021-A, to be dated the date of delivery, to Trustmark National Bank, 236 N. Greeno Road, Fairhope Alabama 36532, ATTN: Lee Webb; and

2)  Approve and authorize the execution of any and all documents necessary to complete the process of securing the line of credit related to the General Obligation Taxable Warrant, Series 2021-A.

End

 

BACKGROUND INFORMATION

 

Previous Commission action/date:  December 1, 2020 - The Commission secured a line of credit related to disaster repairs and expenses.

 

Background:  Reason for Replacement Item:  1) Updated information provided by the Budget Director, has been added to staff recommendation; 2) Resolution #2021-063 has been revised to include finalized information; and 3) Baldwin County Response Form has been added as an additional attachment. 

 

Damages incurred from Hurricane Sally have exceeded the original line of credit, additional funding is required to meet financial needs.

 

 

FINANCIAL IMPACT

 

Total cost of recommendation:  $30,000,000.00 Line of Credit to meet disaster repairs and expenses.

 

Budget line item(s) to be used:  Various

 

If this is not a budgeted expenditure, does the recommendation create a need for funding?  Line of credit to be satisfied with FEMA reimbursement.

 

 

LEGAL IMPACT

 

Is legal review necessary for this staff recommendation and related documents? 

Legal review and related documents provided by bond counsel.

 

Reviewed/approved by:  Lee Birchall, Partner, Bradley Arant Boult Cummings LLP as bond counsel.

 

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:  Accounting/Finance and Administrative Staff

 

Action required (list contact persons/addresses if documents are to be mailed or emailed):  Staff will ensure all documentation is signed, mailed/delivered, and recorded.

 

Additional instructions/notes:  N/A