5/15/1990 - Laserfiche WebLink

Home Browse Search

FINANCING FOR ROCKRIDGE SEWER PROJECT The Board reviewed the following memo dated 5/15/90: TO: DATE: SUBJECT: FROM: Members of the Board of County Commissioners May 15, 1990 ROCKRIDGE FINANCING Joseph A. Baird OMB Director DESCRIPTION AND CONDITIONS The Office of Management and Budget sent out 28 invitations to bid on the Rockridge Sewer financing. After the financing package went out several underwriters notified the county that if the financing was slightly restructured they would be able to bid on the bonds, but until that was done they would not. Yesterday, Monday, May 14, 1990, at 11:00 a.m, bids were scheduled to be opened. We received only a bid from Sun Bank which was 8.795% with a "mandatory put" at five years or a ten (10) year term with a fixed interest rate of 9.5%. Both the County Financial Advisor, Art Diamond, and the Budget Director have reviewed the bid and feel it would not be in the best interest of the county to accept the bid. Staff would like to send out financing packages to the three underwriting firms that had recommended restructuring the bond issue. All three firms, Gulfstream Financial, Alex Brown & Sons and William R. Hough & Company would submit their restructuring plan and interest rate by Monday, May 21, 1990 to be awarded by the Board of County Commissioners on Tuesday, May 22, 1990. RECOMMENDATION Staff recommends the Board of County Commissioners reject the bid received by Sun Bank and authorize staff to contact Alex Brown & Sons, Gulfstream Financial and William R. Hough & Company to send their financial structure and interest rates. ATTACHMENTS Sun Bank Bid - Dated May 14, 1990 William R. Hough & Company Letter - Dated May 11, 1990 APPROVED AGENDA ITEM: 19 Door. MAY 15'1000 F R/ May 15, 1990 19 Door. MAY 15'1000