Agenda - 02-07-2012 - 7b - Laserfiche WebLink

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~~ ~ Orange County, North Carolina -- Notice of Public Hearing Installment Financing for Elementary #11, for other County projects and to refinance existing obligations The Board of Commissioners of Orange County, North Carolina, will hold a public hearing on Tuesday,. February 7, 2012, at 7:00 p.m. (or as soon thereafter as the matter may be heard). The purpose of the hearing is to take public comment concerning a proposed financing contract, under which the County would borrow approximately $75,000,000 to pay costs of the construction of a new elementary school for the Chapel Hill - Carrboro public schools, for other County capital projects and to refinance existing obligations. The hearing will be held in the Commissioners' usual meeting room in Hillsborough Commons, DSS Building (Old Wal-Mart), 113 Mayo St., Hillsborough, North Carolina. The County expects to finance approximately $20,500,000 for the new elementary school, approximately $3 million for improvements to solid waste convenience centers, approximately $500,000 to purchase three new ambulances, and up to approximately $50,000,000 to refinance existing obligations. The actual amount of financing to refinance existing obligations may be higher or lower depending on market conditions, but all amounts issued for refinancing will produce savings to the County by reducing the applicable interest rates. The County may also use financing proceeds to provide required reserves and to pay financing costs. The proposed financing would be secured by a lien on the new elementary school (and its' related real property), and may also include other facilities that are already subject to financing liens. There would be no recourse against the County or its property (other than the pledged facilities and associated land) in the case of a default. As part of this financing plan, the Chapel Hill - Carrboro Board of Education will transfer the school property to the County. All interested persons will be heard. The County's plans are subject to change based on the comments received at the public hearing and the Board's subsequent discussion .and consideration. The County's entering into the financing is subject to obtaining approval from the North Carolina Local Government Commission. 3 Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Clarence Grier, Orange County Finance Officer, Post Office Box 8181, Hillsborough, NC 27278 (telephone 919/245-2453).