Resolution to Establish Intent to Reimburse Certain Capital Expenditures in Connection with Additions, Extensions and Improvements to the Combined Water and Sewer System of the County with Proceeds of Future Tax-Exempt Financings and Providing Certain other Matters in Connection Therewith – No Funding Required

1:10:04Good morning, Mike Carbala, Assistant County Administrator for Public Infrastructure. Item R 48 is a resolution to establish intent to reimburse certain capital expenditures in connection with additions, extensions, and improvements to the combined water and sewer system of the county with proceeds of future tax-exempt financings and providing certain other matters in connection therewith. There is no funding required for this. Essentially, it allows the flexibility for the county to be reimbursed for soft costs such as land acquisition. and engineering in advance of issuance

1:10:35of $150 million estimated of debt, which we anticipate we'll need in about 18 months or so. It does not obligate the board to actually go in on the debt, but simply stating the intent gives us the flexibility to have costs incurred now in advance of that debt reimbursed with those debt proceeds so it's not coming out of our compliance.

1:10:54Sounds very good. Any questions? Take a motion.

1:10:57So move. Second.

1:10:58All in favor? Aye. Opposed? And then lastly 49.

1:11:04Forty nine.

1:11:08That's forty nine so ordinance this afternoon.