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File #: 18-0979    Version: 1
Type: Agenda Item Status: Approved
File created: 6/12/2018 In control: Board of Supervisors
On agenda: 6/26/2018 Final action: 6/26/2018
Title: Chief Administrative Office, Facilities Division, recommending the Board: 1) Approve and authorize the Chair to sign Resolution 131-2018, approving the Form of and Authorizing the Execution and Delivery of a Site Lease and a Facilities Lease and Authorizing Certain Additional Actions related to the issuance of Certificates of Participation in connection with the $57,140,000 financing for the construction of the Public Safety Facility under the United States Department of Agriculture Rural Development’s Community Facilities Loan Program (4/5 vote required); and 2) Authorize the Deputy Chief Administrative Officer to sign IRS Form 8038-G with Certificate of Mailing. (Est. Time: 10 Min.) FUNDING: General Fund.
Attachments: 1. A - BOS Resolution, 2. B - El Dorado Site Lease, 3. C - El Dorado Facilities Lease, 4. D - Form 8038-G, 5. Email from Auditor-Controller Rcvd 6-26-18, 6. Executed Resolution 131-2018
Title
Chief Administrative Office, Facilities Division, recommending the Board:
1) Approve and authorize the Chair to sign Resolution 131-2018, approving the Form of and Authorizing the Execution and Delivery of a Site Lease and a Facilities Lease and Authorizing Certain Additional Actions related to the issuance of Certificates of Participation in connection with the $57,140,000 financing for the construction of the Public Safety Facility under the United States Department of Agriculture Rural Development’s Community Facilities Loan Program (4/5 vote required); and
2) Authorize the Deputy Chief Administrative Officer to sign IRS Form 8038-G with Certificate of Mailing. (Est. Time: 10 Min.)

FUNDING: General Fund.
Body
DEPARTMENT RECOMMENDATION
Chief Administrative Office, Facilities Division, recommending the Board approve and authorize the Chair to sign a Resolution approving documents required for the USDA loan closing for a total loan amount of $57,140,000 and authorize Laura Schwartz, Deputy Chief Administrative Officer to sign the IRS Form 8038-G with Certificate of Mailings.

DISCUSSION / BACKGROUND
On July 27, 2016 the County submitted an application to the United States Department of Agriculture (“USDA”) for financing related to the construction of Public Safety Facility (“Project”). On December 16, 2016, the County received a Letter of Conditions from the USDA outlining conditions required to be satisfied prior to the closing of a $57,140,000 loan through the USDA’s Community Facilities Loan Program. Over the past eighteen months the County has diligently worked through these conditions and is now ready to close the loan.

Financing Structure:

The County’s obligation to repay the USDA loan will take the form of a lease, evidenced through the issuance of Certificates of Participation (“COP”), which is not considered a debt within the meaning of Article XVI, section 18, of the California Constitution, and voter approval is not required since the l...

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