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<br />e. Schools Adequate Public Facilities Ordinance (SAPFO) - Review of Annual <br />Technical Advisory Committee Report <br />The Board received for review the 2007 Annual Report of the SAPFO Technical <br />Advisory Committee (SAPFOTAC} and considered referring it to the SAPFO partners for <br />comments before certification in mid-June. <br />Commissioner Gordon made reference to pages 2-4, which has to da with changes in <br />capacity in the elementary schools for CHCCS when Elementary #10 comes online. She made <br />reference to the method for calculating the reduced capacity and said that the County <br />Commissioners are responsible for certified capacities. She asked the staff to ask each school <br />system for the method of calculating the reduced capacities. <br />Commissioner Gordon noted on page 55 that the Flow Chart of Schools Adequate <br />Public Facilities Ordinance Process has to do with the capital investment plan. She specifically <br />painted out item 5, "The Capital Investment Plan work sessions and Public Hearings are <br />conducted by the BOCC in the spring of each year." <br />A motion was made by Commissioner Gordon, seconded by Commissioner Foushee to <br />forward the 2007 SAPFOTAC Annual Report to the SAPFO partners far review and comment <br />before June certification. <br />Chair Carey asked if the Board agreed with the request of staff to obtain information <br />from the school systems about the method of calculating reduced capacities and the Board <br />agreed. <br />5. Public Hearings-NONE <br />6. Regular Agenda <br />a. Resolution for Approval of Alternative Financing <br />The Board considered adoption of a resolution required for the County to pursue <br />alternative financing for various capital projects. <br />Finance Director Ken Chavious said that the project list, which is still tentative, is <br />included as an attachment in the abstract. The Board has until May 3rd to finalize the listing of <br />projects, which totals $50,057,000, to be included in the LGC application schedule for approval <br />by the LGC for the June 5th meeting. Staff proceeded with the request for proposal process for <br />this financing. He said that he provided the Board with a brief report at the March 20th work <br />session regarding the results of the RFP process. He said that at that time staff was strongly <br />considering the issuance of COPS as a financing tool. Also, the County received a very <br />aggressive private placement quote from SunTrust. The SunTrust proposal is the staff <br />recommendation, which continues provisions that include a 20-year term at a 4.1 °rb interest rate. <br />In addition to this excellent interest rate, the County will save $300,000-400,000 in issuance <br />costs, as well as a significant amount of staff time. The staff is pleased with the outcome of this <br />process with SunTrust. The Manager is recommending that the Board adopt the resolution and <br />authorize staff to proceed with the financing. <br />Commissioner Jacobs asked the Board for permission to abstain from this vote because <br />in one of his jobs, SunTrust administers the funds that pays his salary. He would prefer to avoid <br />the interference of a conflict of interest. <br />Geof Gledhill said that a member can be disqualified from voting and Commissioner <br />Jacobs is saying that since SunTrust pays him, there is a financial conflict of interest, and on <br />that basis he can be excused from voting. <br />A motion was made by Chair Carey, seconded by Commissioner Foushee to approve <br />Commissioner Jacobs' abstention from voting on this item. <br />VOTE: UNANIMOUS <br />