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): NB001
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 Universal Services for the Fleet Vehicles (continuous) project in the additional amount of $5,000,000 for a total CP funding of $70,500,000.
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Background and Discussion:
Commercial Paper Series D 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 Fleet Vehicles (continuous) 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: Michael James, Special Assistant County Attorney, February 14, 2023.
Expected Impact:
Vehicles, as assets with a medium-term life, should generally be purchased with CIP funds, rather than cash. Using funding sources that match the asset's lifespan allows the County to make better use of its limited resources, freeing up General Fund for departments to use on non-capitalizable operational expenses. It also is a more efficient way of leveraging taxpayer dol...
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