DATE:
June 03, 2025
23
TO:
Board of Supervisors
SUBJECT
Title
APPROVAL OF THE DELIVERY AND EXECUTION OF RELATED FINANCING DOCUMENTS FOR THE REFUNDING CERTIFICATES OF PARTICIPATION FOR THE COUNTY OPERATIONS CENTER, SERIES 2025 (DISTRICTS: ALL)
Body
OVERVIEW
Pursuant to Board Policy B-65, Financial Management and Long-Term Obligations Policy and the Refunding Policy of the County of San Diego (County) Debt Advisory Committee (DAC), the County continues to review its outstanding long-term financial obligations and seeks opportunities to refinance these obligations when economically advantageous. Current market conditions have created an opportunity to lower annual payments related to the $105,330,000 San Diego Regional Building Authority Lease Revenue Refunding Bonds (County Operations Center), Series 2016A (2016 LRBs). Currently, $70,675,000 of the 2016 LRBs are outstanding.
Today's recommendations will direct County staff to refund the outstanding 2016 LRBs through the sale and delivery of the County of San Diego Certificates of Participation, Series 2025 COPs (2025 Refunding COPs) on a current refunding basis, so long as market conditions allow for a refunding that meets the requirements stated in the DAC Refunding Policy: 1) a minimum net present value (NPV) savings target of 3% of Refunded Par; 2) a minimum of $1 million of NPV savings; and 3) annual cash flow savings of at least $100,000. Today's recommendations will also approve the forms of the documents necessary to execute the refunding.
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 DELIVERY OF A SITE LEASE, A FACILITY LEASE, A TRUST AGREEMENT, AN ESCROW AGREEMENT AND A CONTINUING DISCLOSURE AGREEMENT, APPROVING THE EXECUTION AND DELIVERY OF COUNTY OF SAN DIEGO REFUNDING CERTIFICATES OF PARTICIPATION, SERIES 2025 (COUNTY OPERATIONS CENTER) EVIDENCING PRINCIPAL IN...
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