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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 5, 2013 <br />Action Agenda <br />Item No. 6 -f <br />SUBJECT: Public Hearing on the Financing of 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. Copy of Public Hearing Notice <br />2. Resolution Clarence Grier, 919 - 245 -2453 <br />3. Comparison of Financing Options Robert Jessup, 919 - 933 -9891 <br />PURPOSE: To conduct a public hearing on the issuance of approximately $10,500,000 to <br />finance County and School capital investment projects and County equipment for the year, and <br />approve a related resolution supporting the County's application to the Local Government <br />Commission (LGC) for its 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 financing, <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 County and School capital projects and <br />County equipment will be approximately $10,500,000. The financing will also include amounts <br />to pay 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 at 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 for the County's financing arrangements, and <br />makes certain findings of fact as required under the LGC's guidelines. County staff has been in <br />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 its <br />November 19, 2013 meeting. Staff expects the LGC to approve the financing plan at the LGC's <br />meeting on December 1. Under the current schedule, staff expects to set the final interest rates <br />