Title
Auditor-Controller recommending the Board consider the following;
1) The Auditor-Controller and Chief Administrative Officer (CAO) to negotiate contracts with Kronick, Moskovitz, Tiedemann & Girard (Bond and Disclosure Counsel), Stone & Youngberg, a Division of Stifel Nicolaus, (Underwriter), and NBS Government Finance Group (NBS/GFG) (Special Tax Consultant);
2) Authorize the CAO to execute all necessary contracts related to the refunding of current bonds and issuance of additional bonds for CFD 2001-1 (Promontory) after each agreement has been reviewed by County Counsel and Risk Management;
3) Authorize the CAO to execute the Deposit and Reimbursement Agreement between El Dorado County and AKT Promontory, LLC in regards to CFD 2001-1 upon final approval by County Counsel and Risk Management; and
4) Authorize the CAO and Auditor-Controller to work with the Assessment & Community Facilities District Screening Committee members and contracted consultants to consider River Rock Development's requests and begin the proceedings of financing Promontory Mello Roos Bonds by preparing a preliminary offering statement and all other necessary steps as soon as practical.
Body
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.
Background
On June 26, 2001, the Board of Supervisors adopted Resolution No. 181-2001, forming Community Facilities District No. 2001-1 (Promontory Specific Plan) (the "CFD"). In addition, your Board's approved Resolution No. 182-2001 authorizing the issuance of special tax bonds up to an aggregate principal am...
Click here for full text