Salt Lake County header
File #: 20-0548    Version: 1 Name:
Type: Discussion Items Status: Passed
File created: 6/5/2020 In control: County Council
On agenda: 6/9/2020 Final action: 6/9/2020
Title: Consideration for Adoption of a Resolution Acknowledging Certain Previously Adopted Resolutions Authorizing the Issuance and Sale of Not More Than $73,500,000 Aggregate Principal Amount of Sales Tax Revenue and Refunding Bonds; Authorizing a Change to the Method of Sale for Such Bonds; Authorizing Related Documents; and Related Matters
Attachments: 1. Staff Report, 2. Parameters Resolution (Private Placement) - Salt Lake County - STRR 2020, 3. Tenth Supplemental Indenture - Salt Lake County - Sales Tax Revenue Bonds 2019, 4. SLC Fixed Rate Letter, 5. Forward Bond Purchase Agmt 4828-1414-2141 v7, 6. Continuing Covenant Agreement 4843-4696-3389 v7

 

Topic/Discussion Title:

Title

Consideration for Adoption of a Resolution Acknowledging Certain Previously Adopted Resolutions Authorizing the Issuance and Sale of Not More Than $73,500,000 Aggregate Principal Amount of Sales Tax Revenue and Refunding Bonds; Authorizing a Change to the Method of Sale for Such Bonds; Authorizing Related Documents; and Related Matters

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Description:  The bonds are already authorized, but the County intends to sell them as a direct purchase instead of market sale.  Due to Covid-19 the bond market is dearth of sales tax issuances and based on the current numbers the direct purchase has been determined to be the best option for the County to sell the bonds.  The resolution on the 9th will authorized the Mayor’s office to proceed with the direct purchase option and authorize execution of documents in furtherance of the direct purchase.  

 

Requested Action: Approval

 

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Requesting Staff Member: Craig Wangsgard, Deputy District Attorney

 

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