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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 15, 2011 <br />Action Agenda , <br />Item No. . ~{- - <br />SUBJECT: Approval of Capital Project Ordinance for the Qualified School Construction Bond <br />Projects of the Chapel Hill -Carrboro City Schools and Orange County Schools <br />DEPARTMENT: Financial Services <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Qualified School Construction Bonds <br />Capital Project Ordinance <br />INFORMATION CONTACT: <br />Clarence Grier, 919-245-2453 <br />Robert Jessup, 919-933-9891 <br />PURPOSE: To approve a Capital Projects Ordinance for the Qualified School Construction <br />Bond (QSCB) projects of the Chapel Hill -Carrboro City Schools and Orange County Schools. <br />BACKGROUND: The Board of Commissioners has previously approved proceeding with the <br />issuance of Qualified School Construction Bonds (QSCB) as authorized under Section 160A-20 <br />of the North Carolina General Statutes. The issuance of the QSCB will finance various <br />construction projects of the Chapel Hill -Carrboro City Schools (CHCCS) and Orange County <br />Schools (OCS) not to exceed and totaling $9,899,440. The cost estimate for the CHCCS QSCB <br />projects is $4,630,000. The cost estimate for the OCS QSCB projects is $5,269,440. <br />In January 2011, the Board of Commissioners approved the necessary fact-finding and held the <br />required public hearing concerning the projects of both school systems, and proposed financing <br />as prescribed under the guidelines of the Local Government Commission. Additionally, the <br />Board of Commissioners directed staff to proceed with the financing, execute the appropriate <br />documents, and complete the closing of the financing through the adoption of a resolution dated <br />January 20, 2011. <br />FINANCIAL IMPACT: The financing proposal will require debt service of $659,963.60 for Fiscal <br />Year 2011-12. The tax rate equivalent for FY 2011-12 debt service is estimated at <br />approximately .43 cents. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />QSCB Capital Project Ordinance. <br />