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GRANGE CGUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January ~~, ~ooo <br />Action Agenda <br />Item No. ~ -~ <br />SUBJECT: Proposal for Issuance of Capital Project Financin <br />DEPARTMENT: Finance Department PUBLIC HEARING: ~YIN~ No <br />ATTACHMENT(S): <br />Project Financing Schedule <br />Resolution <br />INFORMATION CONTACT: <br />Gary Humphreys 919-~45~~453 <br />Robert Jessup 91917551800 <br />PURPOSE: To present a proposal for issuance of Capital Project financing to address financing <br />needs related to authorized capital projects. <br />BACI~CGRC~UND: 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 far the remaining $8.9 million of Alternative ~ Housing and Parks and open <br />Space authorization from X001 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, X008 meet'[ng the Board author'~zed financing the purchase of a refuse <br />truck for the Sanitation division of Solid vllaste in the amount of $211,440. Earlier on this <br />agenda, the Board considered a proposal far the P[MS system which has a preliminary cost <br />estimate of $x,500,000. Staff proposes to finance $1,540,000 at this time and issue the <br />remainder in early 2010. These two items do not require Local Government Commission ~LGG} <br />approval because the financing term is less than five years. Staff believes current market <br />conditions favor this approach and are requesting to praceed 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,DDD,DDD <br />Parks & open Space 5,5DD,DDD <br />Affordable Housing 1,4DD,DDD <br />P[MS System ~,SDO,DDD <br />Sold 1Naste equipment ~7 DDD <br />3~ 6~~ 000 <br />