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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 8, 2013 <br />Action Agenda <br />Item No. 4 <br />SUBJECT: Potential Bond Issuance <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) <br />Services <br />ATTACHMENT(S): <br />A) <br />Proposed Steps for a Bond <br />Referendum — Memo Provided By <br />Bob Jessup, Bond Counsel <br />B) <br />County Debt Capacity Schedule <br />C) <br />Davenport and Company, LLC <br />Debt Capacity Schedule <br />D) <br />Davenport and Company, LLC <br />Future Debt Affordability Analysis <br />INFORMATION CONTACT: <br />Clarence Grier, 919 - 245 -2453 <br />No <br />PURPOSE: To receive a report on a potential bond referendum and related debt issuance. <br />BACKGROUND: Over the past few months, the Board of County Commissioners has <br />discussed the need for a future bond referendum to fund some County and school long - <br />range capital needs. During the September 26, 2013 Board of County Commissioners and <br />Boards of Education Joint Meeting, representatives of Davenport and Company, LLC <br />presented information on the County's debt affordability and capacity as it relates to future debt <br />issuances. Some of the information presented by both County staff and Davenport and <br />Company LLC is as follows: <br />The County maintains excellent bond ratings. <br />MROWT1G1G1 <br />Moody's - Aa1 positive outlook <br />The issuance of debt for two of the County's largest projects most recently discussed — New <br />County Jail Facility and Middle School #5 for the Chapel Hill - Carrboro City School District — <br />total a combined $73.2 million dollars, and both projects are included in the current County <br />Capital Investment Plan for the fiscal years 2015 - 2020. <br />