Agenda Item Name:
Title
Capital Improvement Revenue Note, Series 2022
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Presenter:
Tommy Crosby and Rosie Gilmore
Description:
Resolution 2022-94 authorizing issuance of debt by the County not to exceed $34,000,000 in principal amount of its Capital Improvement Revenue Note, Series 2022
Recommended Action:
Recommended Action
Adopt the attached resolution # 2022-94 and loan agreement, including any revisions approved by Bond Counsel or the County Attorney and authorize the Chair, Clerk and County Attorney to sign all necessary closing documents. Also, approve any necessary budget amendments to recognize the debt proceeds and appropriate monies for the construction projects as well as debt service reserves.
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Prior Board Motions:
N/A
Fiscal Consideration:
Fiscal Consideration
Approve $34 million in tax exempt financing in accordance with terms submitted by Truist Commercial Equity, Inc.
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Background:
The County engaged PFM Financial Advisors (FA) to serve as the County’s FA for the proposed issuance of the Capital Improvement Revenue Note, Series 2022 to finance the Court Services Support Building and two new Fire Stations. Based on the desire to receive proposals based on multiple repayment terms (15, 20, 25 & 30 years), PFM recommended the County pursue a privately placed direct bank loan, which in today’s market was expected to be an efficient and cost effective method of financing.
PFM distributed a request for proposals (“RFP”) on July 14, 2022. The County received six (6) proposals prior to the submittal deadline of 2:00pm on August 24, 2022, from the following institutions: Capital One, Key Government Finance, Pinnacle Public Finance, TD Bank, Truist Bank and Webster A summary of the responses is attached. Based on PFM’s review, it was determined that Truist provided the best combination of interest rate and terms most favorable to the County.