Drafter
Clerk 08/21/2019
title
A MOTION of the county council accepting a bid for the purchase of the county's Limited Tax General Obligation Bonds, 2019, Series B, in the aggregate principal amount of $62,340,000, and establishing certain terms of such bonds, all in accordance with Ordinance 18960.
Body
PREAMBLE
Pursuant to Ordinance 18960 passed on July 17, 2019 (the "Ordinance"), the county council authorized the issuance of limited tax general obligation bonds in the aggregate original principal amount not to exceed $174,000,000 to provide financing for the parks' central maintenance facility project, the solid waste capital program, various systems development and upgrade projects (including procurement, case management, property tax assessment and collection, and jail management systems), the distributed antenna network phase III project, and energy demand reduction projects, and to pay costs of issuing the bonds.
The Ordinance provides that such bonds may be publicly sold in one or more series, either by negotiated sale or by competitive bid, as determined by the Finance Director in consultation with the county's financial advisor.
The Finance Director has determined that a series of bonds authorized pursuant to the Ordinance, designated as the county's Limited Tax General Obligation Bonds, 2019, Series B, in the aggregate principal amount of $62,340,000 (the "Bonds"), be sold as provided herein.
Pursuant to the Ordinance, a preliminary official statement dated August 12, 2019, has been prepared for the public sale of the Bonds, the official notice of such sale dated August 12, 2019, and attached as Attachment A (the "Notice"), has been duly published, and bids have been received in accordance with the Notice.
The bid of Jefferies LLC to purchase the Bonds (attached as Attachment B) is the best bid received for the Bonds, and it is in the best interest of the county that the Bonds be sold to Jefferies LLC on the terms set forth in the Notice, the attach...

Click here for full text