OMB-24-0039

Published agenda

Heard once, at the Board of County Commissioners on Aug 21, 2024.

No final outcomeThe minutes show no disposition for any appearance of this case. That is a gap in the record, not a decision.

Official title

A Resolution By The Board Of County Commissioners Of Pasco County, Florida Supplementing Amended And Restated Resolution No. 22-142 Adopted On May 17, 2022; Authorizing The Issuance Of Its Not To Exceed $80,000,000.00 In Aggregate Principal Amount Of Pasco County, Florida Half- Cent Sales Tax Improvement Revenue Bonds, Series 2024a For The Purpose Of (I) Financing, Refinancing And/Or Reimbursing The Costs Of Capital Improvements Of The County, Including Without Limitation The Design, Construction, Reconstruction, Renovation, Expansion, Improving And Equipping Of Park And Recreation Facilities And County Jail Facilities Located In One Or More Places Within The County, And (Ii) Paying The Cost Of Issuance Of Such Bonds; Approving The Form Of The Bond Purchase Agreement, Preliminary Official Statement, Bond Registrar And Paying Agent Agreement, And Disclosure Dissemination Agent Agreement; Authorizing The Execution And Delivery Of A Bond Purchase Agreement, Final Official Statement, Bond Registrar And Paying Agent Agreement And Disclosure Dissemination Agent Agreement; Delegating To The Chairman Authority To Award The Sale Of The Bonds To The Underwriters Named Herein Pursuant To A Negotiated Sale And Subject To The Conditions And Terms Set Forth Herein And In The Bond Purchase Agreement; Appointing A Paying Agent And Bond Registrar; Authorizing Certain Officials Of The County To Execute Any Document Or To Take Any Actions Required To Offer The Bonds At Negotiated Sale And In Connection With The Issuance Of Said Bonds; Authorizing The Options To Insure All, A Portion, Or None Of The Bonds And/Or To Fund A Reserve Account Subaccount With Cash Or A Municipal Bond Debt Service Reserve Account Policy, Based On The Advice Of The Financial Advisor; Expressing Its Intention To Be Reimbursed From The Proceeds Of The Bonds For Any Costs Incurred In Connection With The 2024a Project Prior To The Issuance Of The Bonds; Providing Certain Other Matters In Connection Therewith; Providing For The Severability Of Parts Hereof If Declared Invalid; And Providing For An Effective Date.

Every appearance1 of 1 are in a recording

TranscriptWhat was said at each appearance is below it. Machine transcription, with speaker names inferred from voice matching. 49% of 41 lines carry a name. It shows what was said, not what was decided, and both the words and the names can be wrong.

1Aug 21, 2024
Board of County CommissionersR56Regular businessNo disposition in the minutes
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4m
Ron OakleyChair
All right, we will take uh R 56.
Unidentified speakerVoice A
Mr. Chairman, this is a resolution of the Board of County Commissioners supplementing the amended and restated Resolution 22-142 adopted on May 17, 2022, authorizing the issuance of not to exceed $80 million of aggregate principal based on the Florida Half-Sent Sales Tax Improvement Revenue Bond Series 22. twenty four A and I will not read the rest of this title.
That's a short version.
Ron OakleyChair
The timing the timing's helped you a lot, so
Unidentified speakerVoice B
Amy Farrell, Budget Director with the Office of Management and Budget here in Pasco County. I'm here with um OMB twenty-four zero zero three nine. And as the county attorney um was saying, this is our resolution to authorize the issuance of The Florida Half Cent Sales Tax Improvement Revenue Bond Series 2024A in a not-to-exceed amount of $80 million. We're also asking you to approve a budget amendment that will put the cost of issuance budget in place so as we work through the sale and the bond closing. That
budget will be in place to make all of those payments. And also award of bid to Bank of America Securities Inc. as the senior manager. and RBC Capital Markets LLC as the co-senior manager for financial advising and underwriting. So, what is that $80 million going to get us? Well, it's gonna help us finish the expansion of the jail. We're estimating those costs to be roughly, and I'm rounding up a little bit for the sake of easy math, $43 million
to finish that project out, and then $30 million for our villages of Pasadena Hills Superpark. And then we've got some buffer in there because of the timing. As you can see the timing we're not gonna sell them until September so we needed a little bit of buffer in the not to exceed amount. And then here's some of the important dates. We'll come back on the seventeenth for pre closing. We did just have rating calls last week and we'll get those we're scheduled to get those results tomorrow.
And that's the end of my presentation unless there's questions.
Ron OakleyChair
Okay. Any questions?
Unidentified speakerVoice B
Mm-hmm.
Ron OakleyChair
I don't see any questions.
Unidentified speakerVoice B
All right.
Ron OakleyChair
So This a item we need to vote on?
Kathryn StarkeyVice Chair
Yes
Ron OakleyChair
it is. Move forward.
Kathryn StarkeyVice Chair
Second.
Ron OakleyChair
So I got a motion and a second. All those in favor say aye. Aye.
Kathryn StarkeyVice Chair
Hi.
Ron OakleyChair
Motion passed five zero.
Unidentified speakerVoice A
This authorizes the chair and the administrator and the county attorney to to
Kathryn StarkeyVice Chair
sign the bond
Unidentified speakerVoice A
move forward with the bottom bond and sign all the
Kathryn StarkeyVice Chair
appropriate
Unidentified speakerVoice A
documents. Right. That's part of the motion.
Kathryn StarkeyVice Chair
And this is the last one of all those that were approved, is that right?
Unidentified speakerVoice A
No,
Kathryn StarkeyVice Chair
this
Unidentified speakerVoice A
is the this is not This is not a general obligation bond. Oh. This is a bond you were bonding the half cent sales tax revenue that you get back from the state.
Kathryn StarkeyVice Chair
Okay.
Unidentified speakerVoice A
So it's the the geobonds, we are done with all of the draws. Yep. Or tranches.
Unidentified speakerVoice B
Yes.
Unidentified speakerVoice A
Uh
Unidentified speakerVoice B
that was the last time I got to come hang out with you guys about bonds. Okay.
Unidentified speakerVoice A
Which is why the jail is being funded by this, there was no more in the GO to to draw from. Okay.
Unidentified speakerVoice B
Okay.
Kathryn StarkeyVice Chair
Did we vote?
Ron OakleyChair
Thank you. Did
Kathryn StarkeyVice Chair
we
Unidentified speakerVoice B
vote?
Ron OakleyChair
All those in favor say aye. Aye. I think we did. Aye. Motion pass 5-0.
Unidentified speakerVoice B
Thank you.