DATE:
September 09, 2025
09
TO:
Board of Supervisors
SUBJECT
Title
ADOPT A RESOLUTION FOR REIMBURSEMENT OF EXPENDITURES FROM THE PROCEEDS OF INDEBTEDNESS FOR VARIOUS CAPITAL PROJECTS INCLUDED IN THE FISCAL YEAR 2025-26 OPERATIONAL PLAN (DISTRICTS: ALL)
Body
OVERVIEW
The Fiscal Year 2025-26 Operational Plan includes various capital projects to be funded and financed through the delivery of long-term financial obligations (Certificates of Participation). Due to the timing to assemble a finance team and execute these Certificates of Participation, it is expected that the County will pay certain expenditures related to some or all these capital projects prior to the issuance of indebtedness (Reimbursement Expenditures). For the Certificates of Participation to be delivered on a tax-exempt basis, the County needs to comply with certain Internal Revenue Code (Code) requirements.
Today's recommendation to adopt a Reimbursement Resolution will allow the County to reimburse itself for the Reimbursement Expenditures from the proceeds of the Certificates of Participation. A reimbursement resolution states the County's intent to potentially reimburse itself for capital costs paid prior to the sale and delivery of the Certificates of Participation.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFICER
Adopt a resolution entitled:
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SAN DIEGO SETTING FORTH THE OFFICIAL INTENT OF THE COUNTY OF SAN DIEGO TO REIMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
EQUITY IMPACT STATEMENT
Approval of today's action will result in improving and maintaining County infrastructure that will ultimately improve accessibility to behavioral health, recreational services, and public safety services in the region, and will further improve the equitable access to facilities that provide services for some of the region's most vulnerable and underserved populations.
SUSTAINABILITY IMPACT STATEMENT
Today's board letter supp...
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