Agenda Package - 4-16-2012 Budget and Regular Meeting

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G CI 8 L COU Q 0 0407 6 QG7 60 C1 q Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT Meeting Date: April 16, 2012 ITEM NO. IV. A. Information XX Action Item & Public Hearing Consent Agenda SUBJECT Matters Related to the Refinancing of the County's 2004 Certificates of Participation DEPARTMENT Administration CONTACT PERSON Lisa G. Minter, Assistant County Manager /Finance Director REQUEST Conduct a public hearing on the refinancing of the County's 2004 Certificates of Participation and adopt a Resolution Making Certain Findings and Determinations Regarding the Refinancing of Certain Outstanding Installment Financing Obligations of the County Pursuant to an Installment Financing Contract and Requesting the Local Government Commission to Approve the Financing Agreement. Depending on the results of the financing bids received, the Board may need to accept a financing proposal from a bank, SUMMARY In accordance with Section 160A -20(g) of the North Carolina General Statutes, the County is required to hold a public hearing on the proposed refinancing of the County's 2004 Certificates of Participation. Davenport & Co. is currently accepting to determine if a private bank placement or public offering is the best option for the refinancing. The bids are due April 9, 2012. A summary of the bids received and the manager's recommendation will be forwarded to you on or before Friday, April 13, 2012. If it is determined that private bank placement is the best option the Board will need to award the financing to the winning bidder. The Board also needs to adopt the Resolution Making Certain Findings and Determinations Regarding the Refinancing of Certain Outstanding Installment Financing Obligations of the County Pursuant to an Installment Financing Contract and Requesting the Local Government Commission to Approve the Financing Agreement. BUDGET IMPACT Information will be provided after financing bids received ATTACHMENT(S) Public hearing proceedings and financing resolutions PUBLIC HEARING Yes PRIOR BOARD ACTION On 3/19/12, set public hearing for 4/16/12. RECOMMENDATION Conduct public hearing and approve necessary resolutions.