Minutes - 19761028 - Laserfiche WebLink

Browse Search

and Chapel Hill-Carrboro. Now that's what we are saying. I see nothing wrong with this million dollars being in the initial offering, and we will be repaying them out of revenue bonds while the large financQ such as the reservoir, dam and anything else will be somethincr that we wouldn't have to vote to 'halter skelter' and I believe with Shirley that we would be piling an immediate debt, or a new debt, just a short time after the bond referendum which we are all going to find out about on Tuesday." Mrs. Garrett inquired, "we would buy the land from the Authority?" Mr. Hurow replied "no, 2 didn't say that. I said that we would con- tinue having it in our financing. When you got ready to have your re- ferendum, or we would have the referendum, I should say, your's would be ours, everyone in Orange County, we could then decide whether you, the Commissioners, or the County wants to own the dam, the reservoir, and whatever else, and how much additional land, or the same amount of land, or with that the fact that you might want to purchase the land from the Authority. I don't know whether we could sell it if we had revenue bands on it, could we?" Chairman Morris stated that the Authority could have a ninty-nine year lease. General Hurow said "what I am saying is that I don't see any inoon- sistent with us going ahead with our present financing and leaving that million dollars..." Mr. Morris stated, "we dare not, we dare not take any chance of having our construction held up because of the absence of funds. We just dare not take that chance." Gen. Hurow added "there's no need, because there's no way it ceuld compromise your position in Hillsborough." Ernest Patterson stated ''it's still my understanding that the Authority is going to have to build the pumping station and water lines. We are not asking the County to do that?" The reply to this question was "yes." Mr. Patterson continued, "and that extra million dollars the County could buy the land from us of what bonds don't pose against it, for whatever we pay for it and we could put that million into the pumping station. We are still going to have to finance the pumping station, or possibly." General Hurow stated "well I think the issue, as far as T see it, is that T think the structure of our financing is sound and in no way compromises your plan for water resources." Mr. Morris stated that he did not see any technical problem. "We could sell it perhaps, to the County, we could lease it, or we could jointly say we'll supply the land, you supply the dam. There are all sorts of ways we could do it." Chairman Morris asked "what about the other sources of grants. rs there a long process in obtaining those, do you think?" Chairman Garrett stated, "I think that something the County would have to put part of its staff to work on and see. The Farmers' Home would be helpful, and I think we would just have to work on this to see what the time table would be, but I think this would be to the County's advantage." Commissioner Gustaveson stated "there are three things that you have mentioned, they are all........" (cannot decipher) Mr. Morris asked "won't be involved in the actual construction?" Mrs. Garrett replied "Farmers' Home is, from what I've heard from Mz. Glover they can for rural, water supply projects involving rural areas, that they can do it, with the actual construction on the reservoir." Commissioner Gustaveson stated "that can be answered very quickly."