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Board of Commissioners <br />Page 2 of 2 <br />July 2, 2019 <br />Funding <br />Of the $11,315,000 to be paid towards the redemption of the Series 2009 Bonds, $8,163,005 will be <br />provided from Utilities' unrestricted cash balance, and $3,151,995 will be provided by a reduction to the <br />Debt Service Reserve Account. The County was required to maintain a Debt Service Account for the <br />Series 2009 Bonds and the Series 2015 Note. This reserve was sized based upon the maximum <br />annual debt service on the combined Utilities' debt. Since the maximum annual debt service will be <br />reduced to that of the Series 2015 Note only, the Debt Service Account will be resized and reduced by <br />$3,151,995. This reduction will be applied towards the redemption of the Series 2009 Bonds. The <br />additional anticipated cost of approximately $5,000 for Bond Counsel and Financial Advisor services is <br />budgeted and available from the Utilities/Other Debt Service accounts. <br />Staff Recommendation <br />Staff recommends that the Board of Commissioners approve the attached Resolution authorizing the <br />redemption and payment of the Water & Sewer Revenue Refunding Bonds, Series 2009; authorizing <br />the use of Utilities Cash balance in the amount of $11,320,000 to pay off this debt and related <br />expenses; and authorizing the proper officers of the County to do all acts necessary and proper for <br />carrying out the transactions contemplated by this resolution. <br />Attachments <br />Resolution <br />Notice of Redemption <br />Masterson Advisors Series 2009 Redemption. Calculations <br />149 <br />