The Board of Supervisors on Tuesday adopted a resolution allowing the County to consider issuing tax-exempt bonds in the future for approved capital projects, while making no immediate decision to take on debt.
Approving this resolution now allows the County to keep its options open for how it pays for $119 million in proposed projects scheduled over the next five years, said Erin Mettler, deputy county executive officer and chief fiscal officer. These projects include retrofitting the veterans’ halls, constructing a new regional animal shelter and a sheriff’s firearms training facility and making improvements to the Truckee, Grass Valley and Madelyn Helling libraries.
Mettler said bonds could potentially help cover the 25% of the total cost that will come from County General Fund dollars. The rest of the cost of the projects will be paid by grants from state, federal and other sources.
“It’s casting a broad net at possibility, trying to maximize opportunity for those scarce dollars, not committing you to issuing debt in the next 18 months but giving you the option to do so,” Mettler said.
It ensures that early costs — such as design, engineering, and permitting — can be reimbursed to the County’s General Fund later if the County decides that using borrowed funds is the best and most cost-effective approach.
The resolution sets a maximum potential financing amount of $25 million, subject to future Board approval of specific projects and costs.