To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: APPROVE REDEMPTION OF 2017 SERIES B LEASE REVENUE BONDS
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT Resolution No. 2025-143 authorizing redemption of County of Contra Costa Public Financing Authority 2017 Lease Revenue Bonds, Series B, in an approximate amount of $58,575,858;
2. APPROVE and AUTHORIZE the forms of and direct the execution of a First Amendment to Trust Agreement dated as of May 15, 2025, a 2017B Bonds Lease Termination Agreement and related financing documents;
3. APPROVE and AUTHORIZE the taking of necessary actions and the execution of necessary documents in connection therewith; and
4. APPROVE Budget Amendment No. 25-00055 recognizing new revenue in the amount of $51,230,000 from General Fund Unassigned fund balance and appropriating it for the redemption of the bonds.
FISCAL IMPACT:
To redeem the bonds early, staff estimates that the County will need to provide a payoff amount of approximately $58,575,857.50 to JPMorgan Chase Bank, National Association, in its capacity as bondholder representative on behalf of DNT Asset Trust (collectively, "JPMorgan"), holder of the bonds, to complete the redemption. The funding amount of $58,575,857.50 is composed of a principal amount of $57,885,000 plus an interest payment due on June 1, 2025 in the amount of $690,857.50. The early redemption of the bonds will result in avoidance of future interest costs in the amount of $5,006,732.66 for the period December 1, 2025 through June 1, 2032. The Net Present Value (NPV) of those interest payments is $4,687,031 in 2025 dollars. NPV is a calculation of the present value of future cash flows expressed in current year dollars.
Today's action also appropriates $51,230,000 from General Fund Unassigned fund balance to complete the redemption. The balance of $7,345,857.50 (composed of $6,655,000 in principal and $690,857...
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