Orange County NC Website
Browse       Search
3. The sums to fall due under the contract are adequate and not excessive for the proposed purpose. <br />The County will obtain competitive proposals for the financing now to be approved and the County <br />expects that its high credit rating will enable it to obtain favorable financing terms. In addition, <br />general obligation bond proceeds will pay approximately one-half of the project's construction costs, <br />and County pay-as-you-go capital funds will pay additional project costs. <br />4. The Finance Officer has confirmed to the Board at this meeting that {a) the County's debt <br />management procedures and policies are sound and in compliance with law and (b) the County is <br />not in default under any of its debt service obligations. <br />5. There will be no increases in taxes necessary to meet debt obligations under the proposed financing <br />arrangements. The County expects that interest rates to be payable by the County an the proposed <br />financing, and the expected term of the financing, will allow the County to repay the financing within <br />current resources. <br />6. The County Attorney is of the opinion that the proposed project is authorized by law and is a <br />purpose for which public funds of the County may be expended pursuant to the Constitution and <br />laws of North Carolina. <br />BE IT FURTHER RESOLVED that the Finance Officer and all other County officers and employees are <br />authorized and directed to proceed with the installment financing contemplated by this resolution and as <br />described to the Board, and to take all such further action as they may consider necessary or desirable in <br />that connection. <br />BE IT FURTHER RESOLVED that the Finance Officer is specifically authorized and directed to provide <br />for the publication of a notice of public hearing on the proposed financing, in the farm and manner prescribed <br />by statute, with the hearing to be held at the Board's meeting on June 29, 2000. <br />BE IT FURTHER RESOLVED that this Board's determination to proceed with an installment financing <br />shall be subject to the Board's further consideration in light of any public comment received at the public <br />hearing. <br />VOTE: UNANIMOUS <br />Commissioner Jacobs asked about the buffer of trees near the high school that was eliminated <br />and wanted to make sure that it would not be paid for by Orange County taxpayers. <br />Superintendent Bridges said that there was funding in the overall budget far landscaping and <br />some timber was sold off of the site. The rebuilding of the buffer would come from these funds. <br />6. SPECIAL PRESENTATIONS -NONE <br />7. PUBLIC HEARINGS <br />a. FY 2000 Housing Development Grant Application <br />This item was presented by Housing and Community Development Director Tara Fikes far the <br />receipt of citizen comments regarding the development of a FY 2000 Housing Development Grant <br />Application. This program is designed to facilitate the provision of single family homeownership or multi- <br />family rental projects. There is approximately $250,000 available far each community that received a TANF <br />housing grant last fall. Orange County is one of the eight communities in the state that received one of these <br />grants. Any comments received at this hearing will be used to identify a potential project for the development <br />of a sound housing development application at this time. <br />Susan Levy, Director of the Habitat for Humanity program, said that the proposal they are bringing <br />forward is Richmond Hills in Efland. She distributed a chart showing the preliminary budget for phases I & II <br />of the Richmond Hills Subdivision. She said that the $250,000 was a very important piece of the overall <br />financing for this project. Habitat for Humanity has already acquired the land and paid the closing costs. The <br />homes will be built at a cast of about $55,000 per home. The total cast of the project is $2,380,850. She <br />said that there was a tight timeframe to finish the infrastructure and to get the 25 homes completed. Habitat <br />