Title
Vote on a request to adopt a resolution authorizing the negotiation of an installment financing contract to construct and equip the Schools Central Services Building and Emergency Operations Center and refinancing of prior installment financing obligations and set a public hearing on June 21, 2021 to receive public comment on the proposed borrowing
Abstract
Action Requested: Vote on a request to adopt a resolution authorizing the negotiation of an installment financing contract to construct and equip the Schools Central Services Building and Emergency Operations Center and refinancing of prior installment financing obligations and set a public hearing on June 21, 2021 to receive public comment on the proposed borrowing
Introduction & Background: Chatham County is seeking financing in an amount not to exceed $85,000,000 to construct and equip the Schools Central Services Building and Emergency Operations Center. The new construction projects are included in the borrowing at an amount of $40,000,000. The remaining $45,000,000 will cover the potential refinancing of a portion of the County’s existing debt obligations. Depending on market conditions at the time of the borrowing, the additional $45,000,000 may be added to the borrowing in order to capitalize on future debt savings for the County.
Discussion & Analysis: The proposed resolution authorizes the County Manager and Finance Officer to proceed with the interim financing for the project including the following:
• Negotiate with advice from the County Attorney and Bond Counsel on behalf of the County for the financing of the project for a principal amount not to exceed $85,000,000
• File with the Local Government Commission an application for its approval of the contracts and all relevant transactions
• Retain the assistance of Parker Poe Adams & Bernstein LLP, Raleigh, NC, as bond counsel; DEC Associates, Inc, Charlotte, NC as financial advisor; BofA Securities, Inc., Charlotte, NC and PNC Capital Markets LLC, Charlotte, NC as underwriters
• Publish notice and set a public hearing date of June 21, 2021 to obtain public input on the proposed borrowing
Recommendation: Motion to adopt a resolution authorizing the negotiation of an installment financing contract to construct and equip the Schools Central Services Building and Emergency Operations Center and refinancing of prior installment financing obligations and set a public hearing on June 21, 2021 to receive public comment on the proposed borrowing