Title
a. Grant the County Debt Manager authority to: amend and execute documents; and determine appropriateness of bond terms and conditions; to facilitate the issuance of Certificates of Participation ( the "2015 Public Facilities Financing") not to exceed $52,500,000 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, and
b. Adopt a Resolution approving the form and authorizing the execution of certain lease financing documents in connection with the offering and sale of Certificates of Participation relating thereto, and authorizing and directing certain actions with respect thereto.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a) Grant the County Debt Manager authority to: amend and execute documents; and determine appropriateness of bond terms and conditions; to facilitate the issuance of Certificates of Participation ( the "2015 Public Facilities Financing") not to exceed $52,500,000 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, and
b) Adopt a Resolution approving the form and authorizing the execution of certain lease financing documents in connection with the offering and sale of Certificates of Participation relating thereto, and authorizing and directing certain actions with respect thereto.
SUMMARY AND DISCUISSION:
On May 5, 2015, this Board granted authority to the County Debt Manager to execute documents to facilitate issuance of Certificates of Participation ("COPs"). The original issuance plan was to encumber the Schilling Complex and the East and West Wing buildings to secure the borrowing. Prolonged negotiations with bond counsel resulted in the opinion that, in their current condition, those properties would not fully secure the borrowing. Staff identified numerou...
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