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Consider adopting a resolution to approve the form of the Site Lease, Lease, Trust Agreement, Assignment Agreement, and Certificate of Purchase Agreement related to the execution and delivery of the 2017 Certificates of Participation ("2017 Certificates"); Authorize Corporation officials, Raymond James ("Underwriter"), Orrick, Herrington & Sutcliffe LLP, as special counsel, and Hawkins Delafield and Wood LLP, as disclosure counsel, to prepare all documents necessary for the transaction; and Authorize Corporation officials to execute and deliver all necessary documents
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Published Notice Required? Yes ____ No __X_
Public Hearing Required? Yes ____ No __X_
DEPARTMENTAL RECOMMENDATION:
Staff recommends that the Board, sitting as the Board of Directors of the Solano County Facilities Corporation:
1. Consider adopting a resolution to approve the form of the Site Lease, Lease, Trust Agreement, Assignment Agreement, and Certificate of Purchase Agreement related to the execution and delivery of the 2017 Certificates of Participation ("2017 Certificates");
2. Authorize Corporation officials, Raymond James ("Underwriter"), Orrick, Herrington & Sutcliffe LLP, as special counsel, and Hawkins Delafield and Wood LLP, as disclosure counsel, to prepare all documents necessary for the transaction; and
3. Authorize Corporation officials to execute and deliver all necessary documents.
SUMMARY/DISCUSSION:
The current favorable interest rate environment provides the opportunity for the County to refinance the 2007 Certificates of Participation ("2007 Certificates") to achieve debt service savings. The proposed transaction will result in the issuance of the 2017 Certificates that will fully refund the $84,200,000 of outstanding 2007 Certificates, which were in turn issued in the amount of $99,860,000 to refund outstanding 2002 Certificates of Participation ("2002 Certificates"). The 2007 Certificates are callable on November 1, 2017 at par.
The B...
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