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<br />5. Public Hearings <br />a. Public Hearing and Final Resolution for Alternative Financing <br />The Board conducted a public hearing and considered adopting a resolution that <br />provides for final approval of installment financing for School and County capital projects. <br />Finance Director Ken Chavious said that staff is asking the Board to consider taking the <br />final steps in the process to gain Local Government Commission approval to enter into an <br />alternative financing arrangement with SunTrust Bank. The project list totals $50 million, it has <br />been reviewed by the Board on a number of occasions, and was formally approved on April <br />24t". The proposed financing agreement with SunTrust Bank includes a 20-year term with a <br />fixed interest rate of 4.14°~. LGC approval is scheduled for June 5`". Prior to granting approval <br />of the financing agreement, the LGC requires the Board to conduct a public hearing on the <br />advisability of entering into such an agreement. The last step will be the adoption of a <br />resolution approving the financing proposal presented by SunTrust. The resolution makes the <br />determination to proceed with the financing, it directs and authorizes staff to execute the <br />financing documents, and authorizes him to complete the closing. The resolution and other <br />documents were prepared in a collaborative effort between County staff and bond counsel. He <br />read the Manager's Recommendation. <br />Public Comment: <br />David Zavoleta is a volunteer coach for the Rainbow soccer teams in Chapel Hill. He <br />said that he knows that the decision by the Board of County Commissioners on the West Ten <br />soccer fields versus Twin Creeks has been made, but he wants to state the impact of the <br />Board's decision for the record. He said that he has sent this information to some County <br />Commissioners already. He estimates that there are 3,000 kids in Triangle United and Rainbow <br />soccer organizations in Chapel Hill and Carrboro. He also estimated the mileage distance <br />between West Ten and Twin Creeks and he said that if a reasonable proportion of the soccer <br />community were to try and use the West Ten soccer fields, then he would expect $30,000 extra <br />expenditure in gas just to get to West Ten. He said that this would translate into aver 100 tons <br />of carbon dioxide released into the atmosphere. He asked if the County Commissioners took <br />this into consideration and what the benefits are for this decision. <br />Commissioner Gordan said that she had several concerns about the County approving <br />this resolution. First, she is concerned about the process that was followed aver the past year <br />to develop the debt issuance schedule. She feels that the public was not adequately informed <br />and not given sufficient opportunity to offer input. Second, she has concerns about the content <br />of the debt issuance schedule with respect to the projects included. Third, she is concerned <br />about the total amount of the debt being issued by the County. She feels that $50 million is a <br />large amount of debt, and it is problematic that the County is issuing so much debt without <br />having first adopted a CIP. <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Faushee to <br />close the public hearing. <br />VOTE: UNANIMOUS <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Faushee to <br />approve adapting a resolution, which is incorporated by reference, that provides for final <br />approval of installment financing for School and County capital projects. <br />VOTE: Ayes, 4; No, 1 {Commissioner Gordon} <br />6. Regular Agenda <br />a. Legal Advertisement for Quarterly Public Hearing - May 21, 2007 <br />