Title
Provide direction on a refunding of the 2015 Public Facilities Financing Certificates of Participation to generate a savings of approximately $143,288 per year for the remaining term of the debt.
Report
RECOMMENDATION:
It is recommended that the Budget Committee provide direction on a refunding of the 2015 Public Facilities Financing Certificates of Participation to generate a savings of approximately $143,288 per year for the remaining term of the debt.
SUMMARY/DISCUSSION:
In 2015 the County issued $48,440,000 of Certificates of Participation (COPs) for the purpose of financing tenant improvements at 1441 Schilling Place and renovations to the East and West Wing buildings at 240 Church Street, Salinas, California. There is approximately $39,185,000 remaining of this debt. In today’s market with current rates, it is estimated that a refunding of these COPs would be beneficial to the County with an approximate annual savings of $143,288 and a total gross savings approximately $2,855,887. The term of the debt would remain the same.
OTHER AGENCY INVOLVEMENT/COMMITTEE ACTIONS:
This item was presented to the Debt Advisory Committee on November 14, 2025.
FINANCING:
There would be no cost to the County with this item. The refunding would generate an annual savings and not change the term of the debt.
Prepared by: Michael Beaton, Assistant County Administrative Officer, ext. 3835
Attachments: Financing Schedule; Presentation