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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 3, 2009 <br /> Action Agenda <br /> Item No. 5 - <br /> SUBJECT: Public Hearing on the Issuance of Alternative Financing for Capital Projects and <br /> Equipment and Adoption of Resolution <br /> DEPARTMENT: Finance PUBLIC HEARING: (Y/N) Yes <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Resolution Gary Humphreys, 919-245-2453 <br /> Robert Jessup, 919-933-9891 <br /> PURPOSE: To conduct a public hearing on the proposed issuance of up to $33,617,000 in <br /> alternative financing for capital projects and equipment and to adopt a resolution supporting an <br /> application to the Local Government Commission for approval of the financing arrangements. <br /> BACKGROUND: The Orange County Board of Commissioners has previously approved the <br /> following capital projects: <br /> • Acquisition and equipping of the County portion of the Gateway Center, County Office <br /> Building, and Library— $25,000,000 <br /> • Parks and Open Space Projects — $5,500,000 <br /> • Affordable Housing Projects —$1,400,000 <br /> • Solid Waste Equipment— $217,000 <br /> • Property Management Information System (PIMS) — $1,500,000 <br /> In addition the Board made a preliminary determination to finance costs for these projects by the <br /> use of an installment contract as authorized under Section 160A-20 of the North Carolina <br /> General Statutes in an amount not to exceed $33,617,000. <br /> The next step in the process is for the Board to conduct a public hearing on the proposed <br /> alternative financing. After receiving public input the Board is required to consider making <br /> certain findings of fact. These findings of fact are set forth in the attached resolution for the <br /> projects and the proposed financing as prescribed under the guidelines of the North Carolina <br /> Local Government Commission. The debt service cost of the financing will be known when the <br /> financing proposals are received on March 2, 2009 and a final decision on the financing is <br /> proposed for consideration by the Board at its March 17, 2009 meeting. Pending Board <br /> approval, the Local Government Commission would subsequently consider approval of the <br /> financing arrangements at its April 7, 2009 meeting. <br />