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File #: 22-134    Version: 1 Name:
Type: Resolution Status: Passed
File created: 2/2/2022 Departments: COUNTY MANAGER
On agenda: 2/22/2022 Final action: 2/22/2022
Title: Recommendation to: A) Approve an Appropriation Transfer Request (ATR) recognizing unanticipated revenue into Non-Departmental Services in the amount of $21,296,655 for the reimbursement of the 2021 Lease Revenue Bonds Series A Cordilleras Replacement Project; and B) Approve an Appropriation Transfer Request (ATR) in the amount of $21,296,655 re-appropriating the reimbursement from the 2021 Lease Revenue Bonds Series A Cordilleras Replacement Project from Non-Departmental Services to a newly created sub-unit for the County Office Building 3 project.
Attachments: 1. 20220222_atr_Non Departmental.pdf, 2. 20220222_atr_22-046.pdf
Special Notice / Hearing: None__
Vote Required: 4/5th

To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager / Clerk of the Board
Subject: Recognizing Unanticipated Revenue for County Office Building 3 Project

RECOMMENDATION:
title
Recommendation to:

A) Approve an Appropriation Transfer Request (ATR) recognizing unanticipated revenue into Non-Departmental Services in the amount of $21,296,655 for the reimbursement of the 2021 Lease Revenue Bonds Series A Cordilleras Replacement Project; and

B) Approve an Appropriation Transfer Request (ATR) in the amount of $21,296,655 re-appropriating the reimbursement from the 2021 Lease Revenue Bonds Series A Cordilleras Replacement Project from Non-Departmental Services to a newly created sub-unit for the County Office Building 3 project.

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BACKGROUND:
On March 28, 2017, this Board gave direction to the County Manager and the Project Development Unit to move forward with preparations for multiple recommended capital improvements. Among the anticipated capital projects were the Cordilleras Mental Health Center Replacement Project and County Office Building 3 (COB3) projects, both of which are currently under construction. General funds were appropriated for the initial Cordilleras project expenses. The project was then bonded, and expended general funds reimbursed through the bond. Through this resolution, the reimbursed funds will be allocated to the appropriate accounting sub-unit in support of the COB3 project.

DISCUSSION:
On June 1, 2021 the San Mateo Joint Powers Financing Authority (the Authority) agreed to issue bonds entitled "San Mateo County Joint Powers Financing Authority Lease Revenue Bonds (Cordilleras Mental Health Center Replacement Project), 2021 Series A (the "Series 2021 Bonds"), in aggregate principal amount of $153,005,000 pursuant to the First Supplemental Trust Agreement, for the purpose of financing the 2021 Capital Improvements. As part of the...

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