Hi
All,
Yesterday, Boise
County Board of County Commissioners committed $500,000.00 of Boise County Funds
to pay down the Alamar Debt which included paying off one of the registered
warrants plus interest. I have attached Resolution 2012-26 showing the
details.
Boise County’s
application to the Idaho Bond Bank was submitted in May and we are waiting to
hear back. There were a record number of participants (11) and a record number
of outstanding obligations (21) in a record-sized bond issuance ($80M) at
historic low interest rates. The IBBA Board has chosen to allow the Boise
County’s Limited Tax refinancing application and Twin Falls new money Wastewater
project application to move forward, while delaying the remaining refinancing
applications until a refinancing policy can be drafted and decided upon.
The good news is that the
Bond Bank is moving forward with the County’s application and will likely bring
it up for approval soon.
Thanks again to
the Boise County voters who made this possible!
I also want to
thank all of those involved with the fires in Clear Creek last week. I am so
thankful for the dedicated and skilled personnel who responded quickly and
effectively. I cannot thank them all enough for the valuable service provided
Boise County.
In case you did
not hear, Representative Ken Roberts has resigned to accept a position on the
Idaho State Tax Commission. Governor Otter will be appointing his replacement
and since Roberts
was slated to be on the November ballot for re-election to the House from a
realigned District 8 – including Boise, Valley, Custer, Lemhi, and Gem counties
– a newly formed Republican legislative district committee will be meeting
Saturday in Lowman and selecting his ballot replacement.
Prosecuting Attorney RJ Twilegar has also submitted his resignation as
Boise County Prosecuting Attorney effective August 6, 2012. Boise County
Commissioners anticipate
receiving names from the Boise County Democratic Central Committee to appoint a
replacement.
I am always ready and willing to hear from any of you on any matters of concern. Please contact me at 208 462-3439 or jamiea@frontiernet.net.
Best
regards,
Boise County Commissioner
~ ~ ~
BOISE COUNTY
RESOLUTION #2012-26
RESOLUTION OF THE BOISE COUNTY BOARD OF COUNTY COMMISSIONERS,
RELATING TO THE EARLY PAYMENT OF THE ALAMAR DEBT, REGISTERED
WARRANT NO. R-3, SERIES 2012.
WHEREAS,
the County of Boise, Idaho (the "County"), is duly organized and existing
under the laws of the State ofldaho; and
WHEREAS,
warrants in the amount of $1,200,000.00 redeemable on November 14, 2011 and another warrant
in the amount of $1,050,000.00 on or before December 21, 2011. The County Treasurer is
authorized to issue warrants in the amount of $405,500.00 maturing as follows: February 28,
2013, September 1, 2013, February 28, 2014, September 1, 2014, February 28, 2015, September
I, 2015, February 28, 2016 and in the amount of $311,500, maturing September I, 2016 and
authorized through Resolution #2012-23, (the "Warrants"), are hereby authorized to be issued,
sold and delivered in the manner hereinafter provided; and
WHEREAS,
the County has received an Order from Hon. B. Lynn Winmill in the
Alamar Case, Docket No. 245 ("Order"); wherein the County is required to issue warrants to pay
the settlement amount of $5,400,000.00 and other consideration to Plaintiffs specified therein
("settlement amount"), said warrants to be issued in a series to be paid in fiscal years 2012-2016
and possibly additional fiscal years until paid as described in the Order; and
WHEREAS,
the County has received the Order wherein no pre-payment penalty would
be incurred by Boise County if the balance is paid sooner; and
WHEREAS,
Idaho Code§ 31-1608, allows for expenditures required by law; and
WHEREAS,
the Board of County Commissioners made a commitment to voters to pay
$500,000.00 of Boise County funds to pay down the Alamar Debt upon passage of the special
ballot question; and
WHEREAS,
the County redeemed Registered Warrant No. R-1 and R-2 on November
14, 2011; and
WHEREAS,
the County wishes to make an early redemption of Registered Warrant No.
R-3, including both principle and accrued interest on such warrant; and
WHEREAS,
the appropriated FY 2012 budget did not include revenue from interest
earnings on Boise County cash and investment accounts; and
WHEREAS,
the Boise County Treasurer's office has received interest earnings from
cash and investment accounts totaling $63,452.66 as of June 30, 2012; and
WHEREAS,
the Board of County Commissioners find it necessary to utilize the
unscheduled revenue, under
I. C. 31-1605, attributable to interest earnings towards making their
commitment to the voters to pay $500,000.00 of Boise County funds to pay down the Alamar
debt upon passage of the special ballot question;
debt upon passage of the special ballot question;
NOW THEREFORE,
BE IT RESOLVED BY UNAN1MOUS VOTE OF THE BOARD
OF COMMISSIONERS OF THE COUNTY OF BOISE, IDAHO, as follows:
Section 1. The Board hereby finds and declares as follows:
A.
Registered Warrant No. R-3, dated November 11, 2011, will be redeemed on July
16, 2012, in the amount of $405,500.
Interest accrued on Warrant No. R-3, as of July 16, 2012, in the amount of
$14,970.17.
Section 2. The source of funds, for payment as outlined in Section
1 herein, to be
transferred to the Warrant Redemption Fund as follows:
BUDGET ACCOUNT
0001-00-0341-00 Interest on Investments.............63,452.66
0001-05-0561-00 Meeting Expense Training...............77.17
0001-11-0401-00 Salary...........................................6,000.00
0001-11-0410-00 Retirement...................................5,000.00
0001-21-0402-00 Salary-Deputy Admin..................5,000.00
...............................................................................$500,000.00
Section 3. The Chairperson of the Board of County Commissioners, County Clerk or the
County Treasurer, as may be appropriate to the document being executed, are hereby further
authorized to execute such further documents and certifications as may be necessary or
appropriate to carry out the intent of this resolution.
Section
4. This resolution shall take effect and be in force from and after its passage and
approval.
Section 5. The remaining funds committed to making an early payment of the Alamar
debt, in the amount of $79,529.83, will be transferred to the Boise County Warrant Redemption
Fund. 25-00. Such funds shall remain in the Warrant Redemption Fund until a bond issuance is
finalized or the next registered warrant, Warrant No. R-4, is redeemed, whichever transaction
takes place first. Such funds will be used as part of the bond issuance or warrant redemption.
DATED this
16th day of July, 2012.
COUNTY OF BOISE, IDAHO
Robert A. Fry, Chairman
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