DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution declaring the official intent of Fulton County, Georgia to reimburse itself for certain capital expenditures related to the construction of certain projects with proceeds of Bonds. (APPROVED AS AMENDED)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
U.S. Department of Treasury Regulation 1.150-2
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: This Resolution will allow the County to be able to reimburse certain preliminary expenditures related to the new Jail facility which are expended from County resources from the proceeds of an upcoming bond or other financing instrument. Previously, the Board of Commissioners adopted agenda item 23-0511 that directed the County Manager and Staff to proceed with planning and seeking financing for the $1.685 Billion facility. Under U.S. Treasury Regulation 1.150-2, a reimbursement resolution is required to preserve the County's ability to use a portion of the proceeds of an upcoming tax-exempt bond issue to reimburse itself for certain preliminary expenditures incurred prior to the issuance of such bonds. This Resolution also anticipates a potential conduit financing with an entity such as the South Fulton Municipal Regional Jail Authority or other conduit issuer. Therefore, a tandem Resolution will be adopted by the issuer of the bonds to comply with the above Treasury Regulation.
Community Impact:
Depa...
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