TITLE:
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2026 LEASE REVENUE BONDS FOR FIRE STATION NO. 2 RECONSTRUCTION PROJECT
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DEPARTMENT: FINANCE AND PUBLIC WORKS DEPARTMENTS
PRESENTED BY: MARK KHOU, BUDGET & PURCHASING MANAGER KINGSLEY OKEREKE, FINANCE CONSULTANT
CONTACT INFORMATION: MARK KHOU, BUDGET & PURCHASING MANAGER, (714) 754-5241
RECOMMENDATION:
recommendation
Staff recommends the City Council:
Approve and authorize staff contracts/agreements with the assembled bond issuance team, including financial advisor, bond counsel, disclosure counsel, underwriter, trustee and others as required to effectively issue and execute all the necessary bond financing transactions.
Hold a Public Hearing and Adopt the City Council Resolution No. 26-XX approving, authorizing and directing execution of certain lease financing documents and directing certain related actions in connection with financing capital improvements. (Attachments 1, 4 through 7)
Adopt the Financing Authority Resolution No. 26-XX approving, authorizing and directing the issuance and sale of Lease Revenue Bonds in an amount not to exceed $16.0 million to assist the City of Costa Mesa in financing capital improvements, and approving related documents and actions. (Attachments 2 through 9)
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BACKGROUND:
Fire Station No. 2, located at 800 Baker Street, provides fire protection and emergency response services to the Costa Mesa community. The Fire Department's mission is to prevent the loss of life and property. In addition to responding to fires, Fire Station No. 2 also responds to medical emergencies, motor vehicle accidents, rescue calls, and incidents involving hazardous materials.
Built in 1966, Fire Station No. 2 has undergone many maintenance and service issues over the years and requires a complete overhaul and reconstruction. Fire Station No. 2 has exceeded its useful life and is not compliant with current s...
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