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,~ <br />discipline itself to make decisions. The Board needs to be as open and as fiscally responsible <br />as possible and move on. <br />Chair Pelissier said that she does not want to delay the decision and the problem here <br />is transparency. She does not support this being on a work session. <br />A motion was made by Commissioner Gordon, seconded by Commissioner McKee to <br />bring this back on the agenda for December 14tH <br />VOTE: UNANIMOUS <br />b. Update and Additional Action on the $103.6 Million Limited Obligation Bond <br />Issuance to Refund Various Debt Obligations of the County and to Finance the Purchase <br />of Equipment <br />The Board was provided an update on the status and considered authorizing additional <br />action on the issuance of $103.6 million of Limited Obligation Bonds (LOBs) to refund various <br />debt obligations and finance equipment purchases. <br />Clarence Grier introduced this item. In October, staff brought forward a resolution to <br />allow the refinancing of the majority of the County's debt. At that time, the savings was <br />estimated to be $4.7 million. From that time period, interest rates have gone up due to several <br />things, so the savings has gone down to $1.1 million. This is not a sufficient enough savings <br />at the LGC level to win approval for the refinancing. He said that BB&T can make a rate <br />modification on the 2006 Installment Purchase Agreement from 4.39% to 2.99%. This gives a <br />savings of $500,000 over the next 11 years. Staff is asking that the Board authorize this. <br />BB&T can also reduce the interest rate on the 2009 Installment Purchase Agreement from <br />3.6% to 3.4%. Staff is asking the Board to authorize moving forward with the application. <br />There is one change. BB&T has offered the County an interest rate on $2 million that it needs <br />for the equipment for the software, PIN system, Sheriff radios, etc. of 2.36% over five years. <br />A motion was made by Commissioner Hemminger, seconded by Commissioner <br />Foushee to: <br />1) Authorize staff to proceed with an application requesting the Local Government <br />Commission's approval of the September 2010 proposed refunding at the <br />December 2010 meeting; <br />2) If the LOBs cannot be issued and sold at the LGC's December meeting, allow staff <br />to leave the application on hold with the LGC until such time, not extending beyond <br />six months, that the LOBs can be issued. If the LOBs cannot be issued after six <br />months, staff will cancel the issuance/sale with the LGC; and <br />3) Authorize staff to move forward with BB&T to obtain a rate reduction for the 2006 <br />Installment Purchase Note Payable. <br />Commissioner Gordon said that she wants to make it a lot clearer why the County is <br />issuing $2 million of new debt, and the items included need to be listed out for the public to <br />make this more transparent. <br />Clarence Grier said that in the original abstract for a previous meeting, all of the items <br />that were to be purchased with the $2 million were listed out. <br />Commissioner Gordon said that it would be important to mention why the County <br />proceeded to issue debt in this time of fiscal constraint. <br />Frank Clifton said that during the budget process, the Board decided to take short-term <br />notes on these items. These were all budgeted items. <br />VOTE: UNANIMOUS <br />c. Adoption of Three-Year Update of County Solid Waste Management Plan <br />17 <br />