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BOARD OF SUPERVISORS AGENDA-2017
Clerk of the Board
Board of Supervisors
- Approve a Resolution of the Board of Supervisors of Yavapai County, Arizona, stating its intention to incur long term obligations in one or more series of not to exceed $17,300,000.00 aggregate principal amount for the purpose of refinancing to pay the entire balance of the County's lease obligations under a lease agreement dated as of May 15, 2008, as amended, incurred to finance the costs of the Verde Valley Superior Court Building and the Juvenile Detention Facility in Prescott Lakes; authorizing the execution and delivery of agreements in connection therewith; authorizing other actions and matters in connection therewith.
Brief Explanation of Need
The Yavapai County Board of Supervisors held a public hearing pursuant to Arizona Revised Statute 11-391 on August 2, 2017, to receive oral comments on a proposal for Yavapai County to incur a "long term obligation" to refinance (for debt service savings purposes) the County's payment obligations under a 2008 Lease Agreement that financed the costs of the Verde Valley Superior Court Building and the Prescott Juvenile Detention Facility. No comments were made.
This item is to approve the resolution that states the intention of the Yavapai County Board of Supervisors to incur long term obligations, the Escrow Agreement and the Refinancing Agreement.
Phil Bourdon, County Administrator
Dan Rusing, Finance Director
Grant Hamill, Managing Director, Stifel, Nicolaus & Company, Inc.
Source of Revenue
Have Notice/Publication Requirements Been Met
Contract or Agreement
Legal Approval Notes
Yes- Legal Counsel has reviewed the attached agreement/contract
and has found it to be in proper form
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