Title For Agenda Item:
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Authorization of 2023 General Obligation Bonds
recommendation
Recommended Action:
Approval of the attached order as written
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Background and Purpose of Request:
This item is the Commissioners authorization to enable the County to issue $3,836,406 in General Obligation Bonds in the fall of 2023. This amount was authorized as part of the 2023-24 budget process. The bonds will be spent as follows:
$2,400,000 Jail Door Lock Replacements
$550,000 Jail Roof Replacement
$481,406 Parking Garage Repairs
$275,000 Jail Brick Repointing
$130,000 Jail Fire Alarm System
Closing date for this issuance is expected to be October 23, 2023.
Staff Contact: Alex Kimball, Deputy Manager, Finance & Administration
Presentation: No
Fiscal Impact and Source:
Because this bond was initially budgeted for earlier budget years, it did not add anything to FY 23-24 expenses. Current estimates are that when the bond debt service is applied to the full FY 24-25 budget year, it will add roughly $155,000 to that years budget, although the increase will be partially offset by decreases to debt service on other bonds, resulting in an estimated overall increase of roughly $120,000 in FY 24-25.
Effective Date if Applicable: 09-11-2023