DATE:
January 28, 2026
20
TO:
Board of Supervisors
SUBJECT
Title
APPROVAL OF THE DELIVERY AND EXECUTION OF RELATED FINANCING DOCUMENTS FOR THE COUNTY OF SAN DIEGO CERTIFICATES OF PARTICIPATION, 2026 SERIES A, MULTIPLE CAPITAL PROJECTS (DISTRICTS: ALL)
Body
OVERVIEW
On June 24, 2025 (6), the Board of Supervisors (Board) adopted the Fiscal Year 2025-26 Operational Plan, which included appropriations for: (a) $11.9 million for the Stormwater Program for the design and construction of large-scale (regional) green infrastructure and other stormwater projects to meet statewide stormwater mandates; (b) $30.5 million for various Major Maintenance projects; (c) $14.0 million for Climate Action Plan projects; and (d) $14.3 million for the acquisition of a helicopter. On October 21, 2025 (5), the Board approved an additional $23.8 million for the helicopter, increasing its total cost to $38.6 million (collectively, the "Project").
Appropriations have been established in Fiscal Year 2025-26 through the Operational Plan and the mid-year Board action of $95 million for completion of these projects. The proposed funding source will be proceeds of the sale from the execution and delivery of Certificates of Participation (COPs) by the Trustee pursuant to the Trust Agreement (as defined below). County of San Diego (County) staff briefed the Debt Advisory Committee (DAC) at the November 10, 2025 DAC meeting regarding the Project and the proposed funding through the issuance of COPs (the "2026A COPs"). DAC voted unanimously for staff to move forward with this financing. In the same way that San Diego County Capital Asset Leasing Corporation (SANCAL) has assisted the County in prior financings, SANCAL will act as sublessor under a Facility Lease (as defined below) relating to the 2026A COPs.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFICER
Adopt the Resolution entitled:
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SAN DIEGO PROVIDING FOR THE EXECUTION AND D...
Click here for full text