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File #: 24-5638   
Type: Orange County Local Transportation Authority Item Status: Reported to Board - Consent
File created: 5/1/2024 In control: Finance and Administration Committee
On agenda: 9/25/2024 Final action: 9/25/2024
Title: Potential Refunding of the Measure M2 Sales Tax Revenue Bonds, Series 2010A (Taxable Build America Bonds)
Sponsors: Robert Davis, Andrew Oftelie
Attachments: 1. Transmittal, 2. Staff Report

Subject

title

Potential Refunding of the Measure M2 Sales Tax Revenue Bonds, Series 2010A (Taxable Build America Bonds)

overview

Overview

The Orange County Local Transportation Authority currently has $250,000,000 in outstanding Measure M2 Sales Tax Revenue Bonds, Series 2010A (Taxable Build America Bonds). Due to the unique economics and associated risks of these bonds, staff is requesting approval to explore the potential refunding of the Series 2010-A Bonds.

recommendation

Recommendation(s)

A.                     Direct staff to pursue the issuance and sale of bonds to refund the Measure M2 Sales Tax Revenue Bonds, Series 2010A (Taxable Build America Bonds).

 

B.                     Authorize an exception to the three percent savings requirement, in accordance with the debt policy, and direct staff to proceed with the refunding if the savings are at least net neutral or greater.

 

C.                     Direct staff to return to the Board of Directors for approval of the draft financing documents required to issue and close the transaction.