Public Hearing: YES ? NO ? Department: Finance
SUBJECT:
Title
Commission District(s): All Commission Districts
Consideration of a Bond Resolution authorizing the sale and issuance by the County of its Water and Sewerage Refunding Revenue Bonds (Second Resolution), Series 2023 (the 2023 Bonds) in an aggregate principal amount not to exceed $75,000,000 for the purpose of refunding all or a portion of the County's outstanding Water and Sewerage Revenue Refunding Bonds (Second Resolution), Series 2013 (the 2013 Bonds) to achieve debt service savings.
Body
Information Contact: Dianne McNabb/CFO & Robert Atkins, Deputy Director of Finance/Treasurer
Phone Number: 404-371-2745 & 678-910-5638
PURPOSE:
To adopt a Bond Resolution authorizing the sale and issuance by the County of the Series 2023 Bonds in an aggregate principal amount not to exceed $75,000,000 for the purpose of refunding all or a portion of the County's outstanding 2013 Bonds to achieve debt service savings in excess of 5% of par.
NEED/IMPACT:
The Series 2023 Bonds are proposed to refinance the Series 2013 Bonds for the purpose of reducing the total interest costs for the County's outstanding water and sewerage revenue bonds. The Series 2013 Bonds funded the refunding of Series 2003A and 2003B bonds, which funded system improvements and the refunding of the Series 1993 bonds.
FISCAL IMPACT:
The issuance of the Series 2023 Bonds for the purpose of refunding the 2013 Bonds will result in net present value debt service savings in excess of 5% of par for the County, currently estimated to exceed $9.5 million and 15% of par.
RECOMMENDATION:
Recommended Action
Authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter. The final results of the competitive sale of the Series 2023 Bonds are scheduled to be presented for Board approval on September 12, ...
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