Public Safety Facility Financing and
Reimbursement
Agenda Item 12.C
By Nadia Feeser, Administrative Services Director
Meeting Date: Month Day, 2024
Topics
•Public Safety Facility
Financing Plan
•Project/Bond
Estimated Timing
•Reimbursement
Resolution
Public Safety Facility FY 2024 Budget
Funding Sources Remaining Budget
Pay-As-You-Go (PAYG) cash
Set-Aside TOT 1% in FY 2023 to FY 2025 6,591,392.72$
General Fund Reserve 2,000,000.00
Parking Enterprise Fund 2,658,398.91
Subtotal Pay-As-You-Go (PAYG) cash 11,249,791.63$
Remaining financing 41,117,775.37
Total Funding Sources 52,367,567.00$
Funding Uses
Total Pre-Construction (Migration and Soft) Costs 11,265,835.15$ Design-Build Cost 41,106,731.85
Total Estimated Project cost 52,372,567.00$
Project/Bond Estimate Timing
Design
Present
Demolition/Grading Phase
May–Aug. 2024
Bond issuance
June 2024
Construction Phase begins
July–Oct. 2024
Furniture Fixtures, and Equipment
Apr.–Oct. 2025
Reimbursement Resolution
Declare City’s intent to reimburse certain expenditures from the PSF bond proceeds (tax-exempt bonds)
Satisfies certain IRS tax code requirements
Can reimburse up to $10 million with bonds
Next Steps
S&P credit rating Determine bond sale
amount and finalize timing
May 2024 – Approve
agreements, review and
approve bond documents
June 2024 – Pricing and
closing of bonds, bond
proceeds available end of
June
Recommendation
•Adopt the following Resolution:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PISMO BEACH, CALIFORNIA AUTHORIZING
COMMENCEMENT OF PROCEEDINGS IN
CONNECTION WITH THE FINANCING OF THE DESIGN
AND CONSTRUCTION OF A NEW PUBLIC SAFETY
FACILITY; AND DECLARING ITS INTENTION TO
REIMBURSE CERTAIN EXPENDITURES FROM THE
PROCEEDS OF TAX-EXEMPT OBLIGATIONS AND
DIRECTING CERTAIN ACTIONS WITH RESPECT
THERETO AS REQUIRED BY UNITED STATES
DEPARTMENT OF TREASURY REGULATIONS SECTION
1.150-2