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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 3, 2009 <br /> Action Agenda <br /> Item No. (o -C <br /> SUBJECT: Proposal for Issuance of Capital Project Financing <br /> DEPARTMENT: Finance Department PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): <br /> INFORMATION CONTACT: <br /> Project Financing Schedule <br /> Resolution Gary Humphreys 919-245-2453 <br /> Robert Jessup 919-755-1800 <br /> This item was delayed from <br /> the January 22, 2009 Board meeting <br /> due to time constraints. <br /> PURPOSE: To present a proposal for issuance of Capital Project financing to address financing <br /> needs related to authorized capital projects. <br /> BACKGROUND: At the August 19, 2008 meeting the Board of County Commissioners <br /> approved staff moving forward with plans to issue alternative financing rather than general <br /> obligation bonds for the remaining $6.9 million of Alternative Housing and Parks and Open <br /> Space authorization from 2001 voter approved bonds. As stated at that time the intent was to <br /> proceed with a Request for Proposals (RFP) for issuing direct bank financing for this purpose <br /> early in 2009 along with financing for the County Campus and other projects which have been <br /> approved by the Board. <br /> At the September 16, 2008 meeting the Board authorized financing the purchase of a refuse <br /> truck for the Sanitation division of Solid Waste in the amount of $217,000. Later on this agenda <br /> the Board will consider a proposal for the PIMS system which has a preliminary cost estimate of <br /> $2,500,000. Staff proposes to finance $1,500,000 at this time and finance the remainder in <br /> early 2010. These two items do not require Local Government Commission (LGC) approval <br /> because the financing term is less than five years. Staff believes current market conditions <br /> favor this approach and are requesting permission to proceed with alternative financing to be <br /> issued in April of 2009. <br /> The county projects proposed for this financing are as follows: <br /> County Campus and Library Development $25,000,000 <br /> Parks& Open Space 5,500,000 <br /> Affordable Housing 1,400,000 <br /> PIMS System 1,500,000 <br /> Solid Waste Equipment 217,000 <br /> $33,617,000 <br />