Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Commercial Paper
Project ID (if applicable): TBD
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
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Request by the Office of Management and Budget for approval of commercial paper funding for the Office of the County Engineer for the Response to Active Shooter Training Facility project in the amount of $110,000.
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Background and Discussion:
Commercial Paper Series D-2 can be used for (1) construction of public works, (2) the purchase of automobiles, equipment and machinery, including computers, materials and supplies for the operation of the County's precincts and departments (3) Professional services, including services provided by engineers, architects, attorneys, auditors, financial advisors, and fiscal agents, in connection with the contractual obligations described in (1) and (2).
Commercial Paper is being requested for the Response to Active Shooter Training Facility project and is expected to be repaid within the next three fiscal years either through bonds, budgetary means or pay-as-you-go sources. This is for approval for allocation of commercial paper for a previously approved project within the previously authorized amount.
HB 1869 compliance confirmed by: Paige Abernathy, Assistant County Attorney, October 17, 2023.
Expected Impact:
This approval will allow these projects to go forward using Public Safety Bond funding upon receiving AG legal approval. It would also provide a way for these urgent projects to move forward while we are waiting for the approval. It would retain a reasonable contingency amount for completing these projects in the case of cost escalation ...
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