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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 7, 2013 <br />Action Agenda <br />Item No. 6 -c <br />SUBJECT: Public Hearing on the Financing for Various Capital Investment Plan Projects <br />and County Equipment <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) Y� <br />Services <br />ATTACHMENT(S): INFORMATION CONTACTS: <br />1. Notice of Public Hearing <br />2. Resolution Clarence Grier, 919 - 245 -2453 <br />3. Comparison of Options Robert Jessup, 919 - 933 -9891 <br />4. Listing of Projects to be Financed <br />PURPOSE: To conduct a public hearing on the issuance of approximately $10,000,000 to <br />finance capital investment projects and equipment for the year, and consideration of a related <br />resolution supporting the County's application to the Local Government Commission for its <br />approval of the financing arrangements. <br />BACKGROUND: The Board of Commissioners has previously approved the construction and <br />purchase of capital investment projects and equipment for the year. The Board has made a <br />preliminary determination to finance costs for this projects by the use of an installment contract, <br />as authorized under Section 160A -20 of the North Carolina General Statutes. County staff <br />estimates that the total amount to be financed for various County capital projects and <br />equipement will be approximately $10,000,000. The financing will also include amounts to pay <br />financing transaction costs. <br />The statutes require that the County conduct a public hearing on the proposed financing <br />contract. A copy of the published notice of this hearing is provided as Attachment 1. <br />After conducting the hearing and receiving public input, the Board will consider the adoption of <br />the resolution at Attachment 2. This resolution formally requests the required approval from the <br />North Carolina Local Government Commission (LGC) for the County's financing arrangements, <br />and makes certain findings of fact as required under the LGC's guidelines. County staff has <br />been in contact with LGC staff, and staff expects no obstacles to receiving LGC approval. <br />If the Board adopts the resolution (indicating its intent to continue with the financing plan), the <br />Board will be asked to consider a resolution giving final approval to the financing plan at the <br />June 4, 2013 meeting. Staff expects the LGC to approve the financing plan at the LGC's <br />meeting on June 4, 2013. Under the current schedule, staff expects to set the final interest <br />rates and other terms of the financing around May 15, and to close on the financing by the end <br />of June. <br />