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kniwl-ji <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Foushee to <br />defer this item /discussion until the Economic Development Commission has had a chance to <br />review this information and to submit comments. <br />VOTE: Ayes, 4; Nays, 3 (Commissioner Gordon, Commissioner Pelissier, and Commissioner <br />Nelson) <br />A motion was made by Commissioner Hemminger, seconded by Commissioner Jacobs to <br />close the public hearing. <br />VOTE: UNANIMOUS <br />6. Regular Agenda <br />a. Resolutic <br />The Board considered approving a resolution authorizing application to the Local <br />Government Commission to issue up to $27 million in General Obligation Refunding Bonds. <br />Gary Humphreys said that staff is asking the Board to approve a resolution authorizing <br />application to the Local Government Commission to issue up to $27 million in General Obligation <br />Refunding Bonds. He said that staff maintains contact with several financial advisors who track <br />the County's bonds against market conditions to identify opportunities to achieve debt service <br />savings through refunding outstanding debt of the County. Municipal bond interest rates have <br />continued to fall in recent months. BB &T Capital Markets has identified an opportunity for debt <br />service savings and brought an analysis of the potential savings under current market conditions. <br />The current proposal is to refund $9.19 million of General Obligation (GO) debt issued in 2001 <br />and $6.525 million of GO debt issued in 2003. The analysis shows a potential savings of <br />$589,000 over the remaining life of the debt with a net present value of $496,000. The analysis <br />shows a reduction in debt service would be approximately $30,000+ in the current fiscal year and <br />would average a little over $50,000 a year for fiscal years 2011 through 2021. <br />He said that the Local Government Commission requires the percentage savings of debt <br />service to be approximately 3.0% or more of the amount of the refunded bonds. The proposal <br />shows a 3.16% savings. Market conditions could change between now and the time of issuance <br />either increasing or decreasing savings. The refunding analysis proposed does not refund all of <br />the outstanding maturities of these bonds. The application to the LGC is proposed for up to $27 <br />million in order to allow the flexibility to refund the additional $6.8 million of outstanding maturities <br />if there will be sufficient additional savings. <br />A motion was made by Chair Foushee, seconded by Commissioner Pelissier to 1) <br />authorize staff to proceed with an application requesting the Local Government Commission's <br />approval to issue up to $27 million of refunding bonds for the purpose of refunding a part of the <br />County's outstanding 2001 and 2003 General Obligation Bonds; and 2) authorize BB &T Capital <br />Markets, a Division of Scott and Stringfellow, LLC ( "BB &T Capital Markets "), to serve as Financial <br />Advisor and the firm of Sanford Holshouser, LLP represented by Bob Jessup to serve as Bond <br />Counsel. <br />VOTE: UNANIMOUS <br />b. Schools Adequate Public Facilities Ordinance — Recommended Update to <br />Student Generation Rates <br />The Board considered approval of revised Student Generation Rates (SGR) for Orange <br />County Schools and Chapel Hill - Carrboro City Schools to be incorporated in the Schools <br />