File #: 15-0827    Name: Tenant Improvement Schilling Place
Type: General Agenda Item Status: Passed
File created: 7/16/2015 In control: Board of Supervisors
On agenda: 7/28/2015 Final action: 7/28/2015
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.
Attachments: 1. Board Report, 2. 762122358(3)_Trust K Monterey County 2015 COPs, 3. 762131469(2)_Preliminary Official Statement - County of Monterey - Certificates of Participation, 4. 762136164(3)_Lease K Monterey 2015 COPs, 5. 762164305(3)_Ground Lease Monterey County 2015 COPs, 6. 762165520(3)_Assignment K Monterey County 2015 COPs, 7. 762166681(2)_Cont Disc K Monterey County 2015 COPs, 8. 762167906(3)_County Reso Monterey County 2015 COPs, 9. Certificate Purchase Contract (County of Monterey 2015 COP) ECB cln 20150716v2 (Board Submission), 10. Completed Board Order & Resolution, 11. 00 TRANSCRIPT INDEX, 12. A1 Ground Lease, 13. A2 Lease Agreement, 14. A3 Memorandum of Lease, 15. A4 Assignment Agreement, 16. A5 Trust Agreement, 17. A6 Continuing Disclosure Agreement, 18. A7 Preliminary Official Statement and 15c2-12, 19. A8 Certificate Purchase Agreement, 20. A9 Official Statement, 21. B1 County Resolution, 22. B2 County Incumbency Certificate, 23. B3 Certifciate of County, 24. B4 Written Request to Trustee, 25. B5 Written Request re COI, 26. B6 Written Request re Acquisition, 27. B7 Tax Certificate, 28. B8 IRS Form 8038-G, 29. B9 CDIAC Reports, 30. B10 Evidence of Insurance, 31. B11 Title Insurance Policy, 32. B12 County Counsel Opinion, 33. C1 Corporation Resolution, 34. C2 Corporation Incumbency Certificate, 35. C3 Certificate of the Corporation, 36. C4 CA SOS Certificate of Status, 37. C5 Cert Re Articles and Bylaws, 38. C6 Corporation Counsel Opinion, 39. D1 Certificate of BNY Mellon, 40. D2 Receipt for Purchase Price, 41. D3 Specimen COPs, 42. D4 Opinion of Trustee Counsel, 43. E1 Blue Sky Memo, 44. E2 Rating Letters, 45. E3 Receipt for Certificates, 46. E4 Closing Wire Memo, 47. E5 Opinion of Underwriter's Counsel, 48. F1 Final Opinion, 49. F2 Supplemental Opinion, 50. F3 Disclosure Counsel Opinion, 51. F4 Reliance Letter to Trustee, 52. G1 Instruction Letter to Title Co, 53. G2 Interested Parties List
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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