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Agenda - 10-15-2013 - 5j
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Agenda - 10-15-2013 - 5j
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Last modified
6/12/2015 10:41:57 AM
Creation date
10/14/2013 9:19:52 AM
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BOCC
Date
10/15/2013
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5j
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Minutes 10-15-2013
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2013
RES-2013-077 Resolution Supporting an Application to the Local Government Commission for its Approval of a Financing Agreement for the County
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2010-2019\2013
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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 15, 2013 <br />Action Agenda <br />Item No. 5 -j <br />SUBJECT: Preliminary Information and Approval to Finance Various Capital Investment <br />Plan Projects and County Equipment <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) <br />Services <br />ATTACHMENT(S): <br />1. Resolution Supporting an Application <br />to the Local Government Commission <br />for its Approval of a Financing <br />Agreement for the County <br />2. Capital Investment Plan — Project <br />Pages <br />3. Vehicle Replacement Fund <br />Purchases Abstract <br />INFORMATION CONTACTS: <br />Clarence Grier, 919 - 245 -2453 <br />Robert Jessup, 919 - 933 -9891 <br />PURPOSE: To receive preliminary information and approve a resolution moving forward with <br />financing for capital investment projects and equipment <br />for the year. <br />BACKGROUND: As part of the FY2013 -18 <br />Capital Investment Plan, several projects were <br />approved for equipment financing. The proposed <br />projects to be financed are as follows: <br />Project <br />Jurisdiction Amount <br />Culbreth Middle School Science Wing <br />Schools - CHCCS $ 4,971,676 <br />HVAC Projects <br />County $ 130,000 <br />Roofing Projects <br />County $ 115,000 <br />Information Technology ( including <br />Firehouse Software and Central <br />Permitting Software) <br />County $ 1,436,000 <br />Whitted Building Renovations <br />County $ 1,700,000 <br />Viper Radio System <br />County $ 500,000 <br />Communication System Improvements <br />County $ 709,062 <br />Vehicle Replacements <br />County $ 899,416 <br />Total <br />$ 10,461,154 <br />The County will be receiving bids from financial institutions to secure the financing. Staff <br />anticipates financing $10.5 million with terms between 15 to 20 years and anticipated interest <br />rates ranging between 2.65 to 2.75 percent, which will result in an average annual debt service <br />cost of $650,596 to $822,592 depending on the structure of the installment financing (interest <br />rate and term). <br />
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