Agenda - 12-7-15 Reg. Meeting - Laserfiche WebLink

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(31,50 LEE COUNTY Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT ITEM NO. V. D. Information Meeting Date: December 7, 2015 XX Action Item Consent Agenda SUBJECT: Refinancing of the County's 2006 Certificates of Participation DEPARTMENT: Finance CONTACT PERSON: Lisa G. Minter, Assistant County Manager/Finance Director REQUEST: Heard report from Davenport & Company regarding the results of the RFP process for the potential refunding of the 2006 Certificates of Participation. The Board will need to adopt a Resolution calling for a public hearing in connection with the refinancing of certain prior indebtedness of the County used to finance certain public school and community college facilities for the County and park facilities. SUMMARY: On November 16, 2015, the Board of Commissioners heard a proposal from Davenport & Company LLC, regarding the potential savings the County could realize by refunding a portion of the outstanding debt related to the 2006 Certificates of Participation that were issued to build San Lee Middle School, to do repairs and renovations on various buildings on the Central Carolina Community College campus and to construct Tramway Road Park. Based on market conditions as of November 16, 2015, the County could refund $18,980,000 of the outstanding debt and potentially see a gross savings of $1,246,712. On November 16th, the Board authorized Davenport & Company to issue an RFP for rates on a direct bank loan to do the refinancing. The RFP was issued on November 18, 2015. If the Board decides to move ahead with the refinancing process, they will need to call for a public hearing. We are asking for the Board to call for that hearing to be held at 6 p.m. on December 21, 2015. BUDGET IMPACT: Potential average annual savings of $114,231. ATTACHMENT(S): Information regarding the results of the RFP and the Resolution to be considered will be supplied to the Board members prior to the meeting. PUBLIC HEARING: N/A PRIOR BOARD ACTION: See above RECOMMENDATION: (1) Decide on public sale or direct bank loan; (2) If direct bank loan is chosen, approve bank proposal; and (3) Approve Resolution calling for the public hearing to be held on December 21, 2015.