3.B.
San Luis Facility Development Corporation
- Meeting Date:
- 01/22/2025
- Department Head:
- Kay Macuil
- Submitted By:
- Janet Taylor, Legal Secretary, Attorney's Office
ITEM:
Discussion and possible action on any and all matters regarding reimbursing LaSalle Corrections from the bond Operating/Reserve/Repair/Contingency fund for the replacement of a boiler. (Kay Marion Macuil, General Counsel to the Board)
SUMMARY:
In October of 2024, the San Luis Regional Detention and Support Center had one of its hot water boilers leak. (A photo of the leak is attached). LaSalle Corrections obtained two (2) quotes. (The quotes are attached). The lower quote was from ePlumbing Products for $6,488.23. Ferguson Enterprises quoted $6,844.62. LaSalle chose Ferguson, because ePlumbing would have been more expensive because it would have required fittings to make the boiler functional.
Since this is a capital expense to the facility, LaSalle requested that the Operating/Reserve/Repair/Contingency Account under Section 5.069(e) of the Bond Indenture reimburse the cost. Since the San Luis Facility Development Corporation is the issuer of the Bond, it is up to the Board to make the request to the Trustee at U.S. Bank.
The Board's staff contacted the Trustee at U.S. Bank (Charles S. Hodges) for the account balance. As of November 7, 2024, the balance was $540,492.89.
Staff recommends reimbursement to LaSalle for this capital expense.
Since this is a capital expense to the facility, LaSalle requested that the Operating/Reserve/Repair/Contingency Account under Section 5.069(e) of the Bond Indenture reimburse the cost. Since the San Luis Facility Development Corporation is the issuer of the Bond, it is up to the Board to make the request to the Trustee at U.S. Bank.
The Board's staff contacted the Trustee at U.S. Bank (Charles S. Hodges) for the account balance. As of November 7, 2024, the balance was $540,492.89.
Staff recommends reimbursement to LaSalle for this capital expense.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE REIMBURSEMENT TO THE CITY OF SAN LUIS FROM THE BOND OPERATING RESERVE / REPAIR / CONTINGENCY ACCOUNT IN AN AMOUNT NOT TO EXCEED $17,941.94 FOR THE REASONS PRESENTED.