Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Subject: Resolution Authorizing the issuance of up to $250 Million of Lease Revenue Bonds to finance the design, architecture, and construction of the County Office Building #3 and the Medical Center Improvements and up to $60 Million of Refunding Bonds.
RECOMMENDATION:
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Adopt a resolution:
A) Approving the issuance by the San Mateo County Joint Powers Financing Authority of not to exceed $250 million aggregate principal amount of Lease Revenue Bonds (Capital Projects), 2018 Series A; and
B) Approving the issuance by the San Mateo County Joint Powers Financing Authority of not to exceed $60 million aggregate principal amount of Lease Revenue Bonds (Refunding), 2019 Series A; and
C) Authorizing the forms of and directing the execution and delivery of a 6th Amendment to Master Site Lease, 6th Amendment to Master Facility Lease, Bond Purchase Contract, Forward Delivery Bond, a continuing disclosure agreement and an official statement; and
D) Authorizing a lease financing with the San Mateo County Joint Powers Financing Authority; and
E) Approving the taking of all necessary actions in connection therewith.
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BACKGROUND:
On April 11, 2017 the Board approved a financing plan and timelines for the following eight projects: Medical Center Improvements, County Office Building #3, Government Center Parking Structure, Lathrop House Relocation, Cordilleras Mental Health Facility, South San Francisco Health Campus, Maple Street Homeless Shelter, and County Radio Shop.
Today the County Managers Office is requesting the board to approve the financing for the County Office Building #3 and Medical Center Improvements.
DISCUSSION:
According to the County's Project Development Unit, the overall construction cost for the County Office Building #3 and the Medical Center Improvements is $272 million, which incl...
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