Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Reimburse Expenditures from Proceeds of Indebtedness
RECOMMENDATION:
title
Adopt a resolution declaring the official intent of the County of San Mateo to reimburse certain expenditures in relation to South San Francisco Health Campus Construction from proceeds of indebtedness.
body
BACKGROUND:
On April 11, 2017, the County approved a financing plan for the following capital projects: San Mateo Medical Center Improvements project, County Office Building #3, Government Center Parking Structure, Lathrop House Relocation, Cordilleras Mental Health Facility ("Cordilleras Project"), South San Francisco Health Campus ("SSF Health Campus Project"), 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. In 2021, this Board approved the issuance of lease revenue bonds to finance the Cordilleras Project ($155,000,000) and to refund certain prior debt to more efficiently structure the County's debt and leverage favorable interest rates.
The County will avoid significant expenditures in market-rate lease payments by building facilities that it will eventually own after paying off the bonds. The new facilities will also be designed for more efficiency, with systems that will reduce operating and maintenance costs.
DISCUSSION:
The County intends to issue future debt in accordance with its multi-step capital financing plan. The next phase is expected to include a bond issuance to finance the South ...
Click here for full text