HomeMy WebLinkAbout57-13 - Res. to Set Funding for Annual Payment of LTGO Bonds 2013RESOLUTION NO. 5 7 i 5
RESOLUTION TO SET THE FUNDING FOR THE ANNUAL PAYMENT
OF THE MASON COUNTY LTGO BONDS 2013
SOLD TO FINANCE CONSERVATION AND OTHER IMPROVEMENTS TO THE COUNTY JAIL
WHEREAS, on October 22nd, 2013, the Board of County Commissioners approved Resolution No. 53-13
providing for the issuance and sale of limited tax general obligation bonds of the County to finance
conservation improvements and other improvements to the County s Jail
WHEREAS, the Board of County Commissioner's wishes to have the funding source(s) for the repayment
of these bonds be of record
WHEREAS, the Board of County Commissioner's expects to fund the annual repayment of these bonds
from the following sources over the term of the bonds not to exceed 20 years
A one- time PUD rebate in the approximate amount of $75,330 as shown on Exhibit A.
An annual budgeted transfer of the anticipated "Measured Utility Savings' from the Mason County
Current Expense Fund to the REET 1 Fund in the approximate amount as shown on Exhibit A.
An annual budgeted transfer of the "Non -measured Operational Savings" from the Mason County
Current Expense Fund to the REET 1 Fund in the approximate amount as shown on Exhibit A.
An annual budgeted expenditure of the REET 1 fund in the approximate amount of $30,000.00 for the
term of the bond.
An annual distribution of QECB subsidy funds budgeted for and as deposited to the REET 1 fund for the
term of the bonds (20 Years) of the LTGO Bond Series B, as shown on the debt service schedule, on file
with the Mason County Treasurer.
An annual distribution of Swift and Certain revenues budgeted and contracted for as deposited to the
REET 1 fund for the first five (5) years of the LTGO Bond Series A in the approximate amount of
$146,000.00, as shown on the debt service schedule, on file with the Mason County Treasurer.
1
THEREFORE, the Board of County Commissioner's hereby approves and set forth the funding sources for
the repayment of the Mason County LTGO Bonds 2013 Series A & B, and hereby directs that the
repayment of the Mason County LTGO 2013 Bonds be made from the REET 1 Fund of the County.
Dated this5
day of N C\-PX'CAQo2-7 , 2013.
ATTEST:
Diane Zoren, Clerk of the Board
Approved as to form:
Tim Whitehead, Chief Deputy Prosecutor
2
MASON COUNTY BOARD OF COMMISSIONERS
Randy Neatherlin, Chair
Tim Sheldon, Commissioner
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Terri Jeffreys
ssioner
2013, Johnson Controls, Inc., Proprietary & Confidential
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Construction Term - Months
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