RECOMMENDATION(S):
ADOPT Resolution No. 2017/48 allowing the County to reimburse certain expenditures related to various countywide capital projects.
FISCAL IMPACT:
No fiscal impact associated with this action. This is a non- binding action that would allow the County to reimburse itself for costs associated with the subject project if the Board decides to issue bonds to finance the project at a future date.
BACKGROUND:
The County is currently planning capital improvements at various facilities throughout the County, including the replacement of the County Administration Building and Emergency Operations Center. The County's project costs are currently estimated to be $100 million. The Board may wish to consider financing the cost of the project with bonds at a future date. The reimbursement resolution includes an amount of $110 million to account for any potential unforeseen project costs that may arise in determining a final sizing of the bonds. This resolution would fulfill legal requirements to allow the county to reimburse itself with bond proceeds for certain costs incurred prior to a subsequent bond issuance.
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