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<br />3. The third option is a combination of numbers 1 and 2. Approve the COPs <br />resolution, as attached, authorizing the issuance of a sufficient amount of debt to <br />construct the Jail Annex, Sheriff's Office and Detention Center and also adopt a <br />resolution calling for a referendum on financing the Sheriff's Office and <br />Detention Center with GO bonds. <br /> <br />Under this option, COPs would be sold after the Board approves an amendment to <br />the Turner Construction contract specifying a guaranteed maximum price for <br />construction of the jail annex. Just as in option number 1, the LGC will only <br />aIlow the issuance of COPs in an amount equal to that of the contract with Turner <br />for construction of the jail annex. <br /> <br />Then the Board would wait for the outcome of the November referendum on GO <br />bond financing for the Sheriff's Office and Detention Center. If the GO bond <br />financing method is approved, then the board would move forward with that <br />process. If the GO bond financing option fails, then the Board would immediately <br />move forward with COPs financing. Either way (unlike option number 2) the <br />delay over option number 1 is about three months. As discussed in option #2, the <br />County will be exposed to interest rate risk and may have to levy higher taxes due <br />to increased borrowing costs. <br /> <br />In summary, options 2 and 3 would add up to $5 million to the cost of the Sheriff's <br />Office and Detention Center and delay construction by up to seven months. <br />Consequently, option 1 is recommended without reservation. <br /> <br />'E- \ <br />