Title
Auditor-Controller recommending the Board consider the following:
1) Authorize the Chief Administrative Officer to execute Deposit and Reimbursement Agreement between El Dorado County and Developer in regards to the formation and possible financing of East Ridge Community Facilities District (CFD) upon final approval by County Counsel and Risk Management;
2) Authorize the Auditor-Controller and Chief Administrative Officer to negotiate contracts with Jones Hall (Bond and Disclosure Counsel), Stifel, Nicolaus & Company, Inc. (Underwriter), Bender Rosenthal (Appraiser) and NBS Government Finance Group (NBS/GFG) (Special Tax Consultant);
3) Authorize the Chief Administrative Officer to execute agreements with Jones Hall (Bond and Disclosure Counsel), Stifel, Nicolaus & Company, Inc. (Underwriter), Bender Rosenthal (Appraiser) and NBS Government Finance Group (NBS/GFG) (Special Tax Consultant); and
4) Authorize the Chief Administrative Officer and Auditor-Controller to work with the Assessment and Community Facilities District Screening Committee members and contracted consultants to consider all requests by Developer and take all necessary steps to prepare all documents required to form and finance the CFD as soon as practical.
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Fiscal Impact/Change to Net County Cost
This item will have no impact on the County General Fund. The contracts with underwriter and bond counsel will be contingent fee agreements. There will be no cost to the County unless the bonds are refunded, in which case the costs will be paid out of the proceeds from the bond sale. The cost of the pricing consultant and special tax consultant will be advanced by the Developer who would then be reimbursed with proceeds from the bond sale.
Reason for Recommendation
The County has received an application to consider the formation of East Ridge Community Facilities District (CFD), and possible issuance of Mello Roos Bonds. In accordance with the County's Development Agreement for the E...
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