Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): MF0ZM
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 for approval of commercial paper funding for the Office of the County Engineer for the Annex Facilities Security Upgrades Countywide project in the additional amount of $75,000 for a total CP funding of $3,900,000.
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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 Office of the County Engineer for the Annex Facilities Security Upgrades Countywide project and is expected to be repaid within the next three fiscal years either through bonds, budgetary means or pay-as-you-go sources.
HB 1869 compliance confirmed by: Scott Lemond, Special Assistant County Attorney, February 28, 2022.
Expected Impact:
Annex Facilities Security Upgrades is a Countywide Program within FPM's Capital Improvement Plan for asset/equipment replacement and major upgrade projects.
Alternative Options:
Not funding this program would lead to an even greater backlog of deferred maintenance to perform later and in some cases could create hazards to life and safety. Delay in project timeline may increase costs due to increased deterioration o...
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