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Consider a request from the Treasurer - Tax Collector - County Clerk to proceed with a full analysis of the potential interest expense and cash flow savings to be realized from a refunding of the 2007 Certificates of Participation, and Authorize the use of the consultant team from Public Financial Management as the lead Financial Advisor, Orrick, Herrington & Sutcliffe LLP as the co-bond counsel, Hawkins, Delafield & Wood LLP as the disclosure counsel, Raymond James as the Underwriter and Union Bank of California, NA as the Trustee
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors approve a request from the Treasurer - Tax Collector - County Clerk (TTCCC) to proceed with a full analysis of the potential interest expense and cash flow savings to be realized from a refunding of the 2007 Certificates of Participation, and further authorize the use of the consultant team from Public Financial Management as the lead Financial Advisor, Orrick, Herrington & Sutcliffe LLP as the co-bond counsel, Hawkins, Delafield & Wood LLP as the disclosure counsel, Raymond James as the Underwriter and Union Bank of California, NA as the Trustee.
Should the analysis determine that a refunding is appropriate, the TTCCC, in coordination with the Debt Advisory Committee (DAC), anticipates returning to the Board for approval to refund the existing Certificates of Participation and issue new Refunding Certificates of Participation, as well as to approve all documents associated with such actions.
SUMMARY/DISCUSSION:
On December 3, 2002 Solano County issued $118,325,000 Par Value of Certificates of Participation (COPS) to fund the construction of the CAC building and various other facilities within the County. The certificates were issued in a series with maturities ranging from November 1, 2003 through November 1, 2032, with optional early redem...
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