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A motion was made by Commissioner Gordon to approve the Administration <br /> recommendation, Option 2: Regulate as to the location and operational characteristics, <br /> required landscaping, and cumulative number of drive-thru facilities. <br /> There was no second and the motion failed. <br /> A motion was made by Commissioner Foushee, seconded by Commissioner <br /> Hemminger to recommend that the Board take no action at this time. <br /> VOTE: Ayes, 3 (Chair Foushee, Commissioner Hemminger, Commissioner Yuhasz); Nays, 4 <br /> MOTION FAILED <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 <br /> to close the public hearing. <br /> VOTE: UNANIMOUS <br /> 6. Regular Agenda <br /> a. Resolution Authorizing Application to the Local Government Commission <br /> to Issue Up to $27 Million in General Obligation Refunding Bonds <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 <br /> Obligation Refunding Bonds. He said that staff maintains contact with several financial <br /> advisors who track the County's bonds against market conditions to identify opportunities to <br /> achieve debt service savings through refunding outstanding debt of the County. Municipal <br /> bond interest rates have continued to fall in recent months. BB&T Capital Markets has <br /> identified an opportunity for debt service savings and brought an analysis of the potential <br /> savings under current market conditions. The current proposal is to refund $9.19 million of <br /> General Obligation (GO) debt issued in 2001 and $6.525 million of GO debt issued in 2003. <br /> The analysis shows a potential savings of $589,000 over the remaining life of the debt with a <br /> net present value of $496,000. The analysis shows a reduction in debt service would be <br /> approximately $30,000+ in the current fiscal year and would average a little over$50,000 a <br /> year for fiscal years 2011 through 2021. <br /> He said that the Local Government Commission requires the percentage savings of <br /> debt service to be approximately 3.0% or more of the amount of the refunded bonds. The <br /> proposal shows a 3.16% savings. Market conditions could change between now and the time <br /> of issuance either increasing or decreasing savings. The refunding analysis proposed does <br /> not refund all of the outstanding maturities of these bonds. The application to the LGC is <br /> proposed for up to $27 million in order to allow the flexibility to refund the additional $6.8 <br /> million of outstanding maturities if there will be sufficient additional savings. <br />