Orange County NC Website
Browse       Search
2 <br />coupon over a 15-year term with annual payments. Staff believes this is a good rate under the <br />current market conditions for this program. The first debt service payment would occur in <br />December of 2010. <br />At this time staff is proposing the Board approve going forward with the financing and approve <br />the attached resolution, which includes the terms of the financing, and authorize staff to execute <br />documents and complete the closings of the financing. <br />FINANCIAL IMPACT: The debt service for the financing proposal will require debt service of <br />$350,631.40 for Fiscal Year 2010-11. The tax rate equivalent for FY 2010-11 debt service is <br />estimated at approximately .23 cents. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />authorizing staff to proceed with the recommended financing proposals and directing staff to <br />execute documents and complete the closings of the financings. <br />