AGENDA ITEM SUMMARY

Consider a Resolution approving the issuance of $8,930,000 General Obligation Sales Tax Bonds, Series 2016A, and $700,000 Taxable General Obligation Sales Tax Bonds, Series 2016B. City Attorney Drew Whalen, Bond Counsel Jon Pannell and Bill Camp, Raymond James, Underwriter, will address.

This Resolution authorizes the issuance of bonds to be repaid through proceeds of the 2015 Spalding County SPLOST, commencing April 1, 2016. Proceeds will be used to fund payoff and acquisition of One Griffin Center, a new fire headquarters and aerial truck, and remodeling and repurposing of Old City Hall. The Resolution also declares the Series 2016A Bonds as "bank qualified", approves and directs execution of the Bond Purchase Agreement with Raymond James, and authorizes delivery of a Continuing Disclosure Certificate at closing. All Commissioners should have received a copy of the Preliminary Official Statement, which is the legal document used to market the bonds.

Approval - The Underwriter will sell the bonds on Tuesday, February 9, 2016 prior to the Commission meeting. Some of the attached documents are submitted in blank, but will be filled in by time of the meeting. Bill Camp will be present to explain the terms of sale.

Issuance of these bonds pre-funds approximately half of the City's share of anticipate SPLOST proceeds and allows the City to proceed with the the listed projects without having to wait on "pay as you go" receipts.