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b. Public Hearina on Alternative Capital Financina Plan <br />The Board conducted a public hearing on matters related to the Alternative <br />Capital Financing Plan approved by the Board on September 3, 2002 and considered <br />action on items to facilitate the acquisition of funds needed for the projects. <br />Ken Chavious said that the Board adopted a plan in September that includes <br />capital projects to be funded by the initial sale of 2001 bands and projects to be <br />alternatively financed. The Board also approved a schedule that set forth the dates for <br />both initiatives. The staff has pursued an RFP process to finance $3,475,000 worth of <br />projects. These projects include renovations to Orange High School at $950,000; <br />conservation easements at $1 million; land for the Durham Tech Satellite Campus at $1 <br />million; and renovations to the Orange Enterprises at $525,000. The preliminary <br />application far approval of the financing has been sent to the Local Government <br />Commission. The LGC requires a public hearing on the proposal. This proposal had the <br />lowest interest rate at 4.22%. The action is to conduct the public hearing, accept the <br />proposal from BB&T, and adopt the resolutions. <br />Commissioner Brown asked about the interest rate and if there were any <br />other bonds near this rate. Ken Chavious said that the last bonds that were sold in July <br />were at 4.20%. Those were GO bonds, and this is a bank loan. It is an excellent rate. <br />Public Comment: <br />Kathy Bryan from Orange Enterprises thanked the Board of County <br />Commissioners for the support of their program. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner <br />Carey to close the public hearing. <br />VOTE: UNANIMOUS <br />Resolutions: <br />A motion was made by Commissioner Brown, seconded by Commissioner <br />Halkiotis to approve and authorize the Chair to sign the resolutions as stated below: <br />Resolution supporting an application to the Local Government Commission for its <br />approval of a financing agreement - <br />2002 Private Placement Installment Financing <br />WHEREAS - <br />Orange County has previously approved in principle the undertaking and <br />financing of the following described projects by the use of an installment contract, as <br />authorized under Section 160A-20 of the General Statutes: <br />Renovations to Orange High School $950,000 <br />Land acquisition for public buildings $1,000,000 <br />Acquisition of easements and other property $1,000,000 <br />interests for conservation purposes <br />Renovations and improvements to County $525,000 <br />building used by Orange Enterprises <br />