Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Reallocation of 2018 Lease Revenue Bond, Series A Proceeds
RECOMMENDATION:
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Adopt a resolution approving the reallocation of proceeds in the approximate amount of $45,000,000 from the 2018 Lease Revenue Bonds, Series A, from the County Office Building 3 Project to the San Mateo Medical Center Project.
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BACKGROUND:
On April 11, 2017, the County approved a financing plan for the following capital projects: San Mateo Medical Center Improvements project ("SMMC"), County Office Building #3 ("COB3"), Government Center Parking Structure, Lathrop House Relocation, Cordilleras Mental Health Facility ("Cordilleras Project"), South San Francisco Health Campus, Maple Street Homeless Shelter, and County Radio Shop.
This Board has subsequently approved issuance by the Joint Powers Financing Authority of lease revenue bonds to finance certain of these capital projects. Among others, in 2018, this Board approved the issuance of 2018 Lease Revenue Bonds, Series A, in an amount not to exceed $250,000,000 to finance the design, architecture, and construction of the Medical Center Improvements and the County Office Building #3. Ultimately, the amount of the Series A Lease Revenue Bonds issued was $217,000,000, served through a master lease for SMMC. Initially, approximately $117,000,000 of the proceeds were directed to the SMMC Project, and the remaining funds were directed to the COB3 Project.
The SMMC project includes renovation of a nursing wing and central plant to receive essential hospital services for a non-compliant building, relocation of Department of Public Works (DPW) engineering shop and offices, relocation of MRI trailer and dental van, and demolition and replacement of seismically outdated 1950s-era health administration buildings. The project also includes changes to the campus landscap...
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