Orange County NC Website
Browse       Search
Whereas, the Commission for Women has initiated the Transportation Crisis Assistance Program to help <br />needy, low-income families purchase affordable transportation; and, <br />Whereas, according to the Department of Social Services {DSS}, nearly 45% of families participating in <br />the Temporary Assistance far Needy Families program {TANF} stated that a lack of transportation had <br />been an obstacle to getting and keeping a job; and, <br />Whereas, DSS reports that of nearly 200 families enrolled in the Work First Program, more than half do <br />not own a car of have a vehicle in need of repair; and, <br />Whereas, the Commission for Women hopes to help 45 families secure safe, reliable transportation <br />through the Transportation Crisis Assistance Program; <br />Therefore, the Board of County Commissioners hereby commends the Commission for Women on the <br />creation of the Transportation Crisis Assistance Program and pledges its support to the Commission for <br />Women in this effort. <br />VOTE: UNANIMOUS <br />6. SPECIAL PRESENTATIONS -NONE <br />7. PUBLIC HEARINGS <br />a. Certificates of Participation (COPS) for New Oranae County Hiah School <br />The Board conducted a public hearing on matters related to the financing of a New High <br />School in the Orange County School District, and considered the items to facilitate the acquisition of <br />funds needed for the project. <br />Jahn Link said that at the June 6, 2000 meeting the Commissioners authorized staff to pursue <br />the financing needed for a new high school for the Orange County school district. The total approved <br />budget for the project is just under 28 million, with 12.5 million financed by the bonds approved by <br />Orange County voters in November of 1997. The staff recommended and the Board approved pursuing <br />Certificates of Participation as the financing mechanism to be pursued for the balance of the project <br />funding. The Board approved 13.5 million dollars to come through COPS for project construction. This <br />public hearing tonight is for the Board to consider public comment regarding this financing mechanism. <br />Finance Director Ken Chavious summarized the information in the agenda. The County <br />received three very competitive proposals from the three top underwriting firms in the state. He is <br />recommending that the County contract with BB&T Capital Markets. He said that BB&T had the mast <br />experience with Certificates of Participation and had the lowest cast estimates of $72,920. BB&T also <br />worked with the County recently on the April 4~" band sale. The total financing package will include 13.5 <br />million dollars for the project costs plus issuance casts in the range of $108-115,000. The Manager <br />recommends that the Board first receive public comment and that the Board adopts the attached <br />resolution retaining BB&T Capital Market as the underwriters, and authorizing staff to proceed with the <br />formation of the nonprofit corporation. <br />There was no public comment. <br />Commissioner Jacobs asked about the board for the nonprofit corporation and Bob Jessup <br />said that initially there would be three members, and if those three decided to expand, they would do so. <br />The board would include Ken Chavious and the finance directors for the two school systems. <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Gordon to close <br />the public hearing and adopt and authorize the Chair to sign the resolution as stated below: <br />RESOLUTION CONCERNING the PROPOSED <br />INSTALLMENT FINANCING for the PLANNED <br />NEW ORANGE COUNTY HIGH SCHOOL <br />