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Commissioner Gordan said that her argument is that, to make a reasonable decision, the Board would need to laok at the entire ten-year CIP and then figure out the priorities. She would also like to talk about whether the general fund will actually grow 8-9°I°, or whether it will be less. Rod Visser said that the County's debt capacity is tied to same really significant assumptions -growth in general fund expenditures each year, interest rates, timing of individual projects, etc. He believes that all of the estimates about debt service impacts are based on the assumption of a 20-year debt service at a 6°~ interest rate. He said that, in meetings with the Local Government Commission, the LGC indicated that they would be willing to work with the County an any passible underwritings to structure the debt service payments on certain projects to give mare flexibility. For example, there might be a way to postpone some of the principal payments for a number of months in order to be able to issue the debt if a project would need to move forward. Donna Coffey made reference to the four packets of information and explained them. Cammissioner Gordon expressed concern about the $67.4 million of debt. Rod Visser said that the staff is trying to present that, if the Board felt that everything on the list is important, then the Board can ask the staff to find a way to structure the debt so that it can be done. He is not necessarily advocating far the $67.4 million. In answer to a question from Commissioner Gordon, he said that the county would have to stretch the debt issuance for the $67.4 million over three years, and utilize three years of debt capacity instead of two. Donna Coffey said that, of the $67.4 million, it would not have to be issued all atone time. They ran some numbers today, and since 1989-1990, the average annual increase has been about 8.3°~ a year. There was one year with only a 1 °~ increase. Rod Visser pointed aut that some of the numbers in the $67.4 million could be subject to change (i.e., DTCC satellite campus and potential grant funding, Elementary Schaol #10, and others). Rod Visser made reference to Carrboro High School and Commissioner Halkiotis' question and said that there is another $9 million programmed for issuance. Because of cash flaw requirements, they need to pursue ashort-term financing instrument and later on roll that into alonger-term issuance. Finance Director Ken Chaviaus said that this comes at the recommendation of the LGC. The project is being built right now and the bond money is almost gone. They are going to ask the Board to adopt a resolution to authorize short-term financing on September 12th. They will do this short-term financing for six months, which will give them time to structure the other debt to issue sometime before the close of the fiscal year. Rod Visser asked about the estimate of interest rates and Ken Chavious said that this week it was 4.34%. Commissioner Carey pointed out that Orange County is one of the few local governments with aself-impaled debt threshold. Rod Visser said that there are more governments that are going in this direction. Commissioner Carey would like to have the big picture. Commissioner Gordon agreed that the Board should discuss these foundational issues because it is all predicated on certain assumptions. Commissioner Halkiotis spoke about his opinion on these projects. He has no problem with Carrboro High School and he thinks that this should be moved along. He has questions about Elementary #10 because he is not sure he fully understands the infrastructure needs, the connector road, possible roundabouts, etc. He has no problem with affordable hauling, Animal Services, Efland water and sewer, greenways, Homestead Aquatics, Lands Legacy, Justice Facilities, and DTCC satellite campus. He is not convinced that the County can afford all of the sustainable design elements. He has no problem with the park and ride lot, senior centers, the