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Agenda - 10-15-1996 - 5a
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Agenda - 10-15-1996 - 5a
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Last modified
11/7/2013 12:52:42 PM
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11/7/2013 12:52:41 PM
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BOCC
Date
10/15/1996
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5a
Document Relationships
Minutes - 19961015
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\Board of County Commissioners\Minutes - Approved\1990's\1996
RES-1996-046 Resolution Authorizing the Filing of Application for Approval of a Financing Agreement Authorized by NC General Statute 160A-20
(Linked From)
Path:
\Board of County Commissioners\Resolutions\1990-1999\1996
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ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION <br /> FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY <br /> NORTH CAROLINA GENERAL STATUTE 160A-20 <br /> WHEREAS, the County of Orange,North Carolina desires to construct a new elementary school in the <br /> Chapel Hill-Carrboro City Schools district to address overcrowding at the elementary school level within <br /> the district; and <br /> WHEREAS,the County of Orange desires to finance the Project largely by the use of an installment <br /> contract authorized under North Carolina General Statute 160A,Article 3, Section 20; and <br /> WHEREAS, findings of fact by this governing body must be presented to enable the North Carolina <br /> Local Government Commission to make its findings of fact set forth in North Carolina General Statute <br /> 159, Article 8, Section 151 prior to approval of the proposed contract; <br /> NOW THEREFORE, BE IT RESOLVED that the Board of Commissioners of Orange County,North <br /> Carolina, meeting in regular session on the 15th day of October, 1996, make the following findings of <br /> fact: <br /> 1. The proposed contract is necessary or expedient because the elementary student population in <br /> the Chapel Hill-Carrboro City Schools is currently over the capacity of the district's existing elementary <br /> school buildings and no practical or timely alternative to the construction of permanent additional <br /> elementary school space is available. The student population in the district has increased rapidly in <br /> recent years and is projected by the North Carolina Department of Public Instruction to continue growing <br /> substantially for the foreseeable future. <br /> 2. The proposed contract is preferable to a bond issue for the same purpose because: <br /> a. availability of the new elementary school is urgently needed in time for the <br /> 1999-2000 school year and the contracting method is the most expeditious method of raising cash <br /> quickly to meet the planning,design,and construction timetable for a 1999-2000 school opening; <br /> b. the cost of the elementary school,estimated at$14 million,cannot be prudently raised from <br /> currently available appropriations,unappropriated fund balances,or non-voted bonds; <br /> c. the North Carolina General Assembly adopted legislation during the 1994 Session intended <br /> specifically to permit Orange County to pursue installment financing for an elementary school project <br /> that has since been successfully constructed and opened, and any future projects that mighi become <br /> necessary. <br /> 3. The cost of financing under the proposed contract could be greater than the cost of issuing <br /> general obligation bonds. However,this method of financing will increase the alternatives available to <br /> Orange County to obtain the most cost effective,timely,and flexible means possible of funding this <br /> necessary project. Given Orange County's excellent credit standing,and its past success in obtaining <br /> installment financing for the previous elementary school project that compared favorably with rates on <br /> other available financing mechanisms,any difference in the comparable costs between bond financing <br /> and installment purchase financing will be reasonable. <br /> 4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose <br /> because funding of the debt service thus created is already planned in Orange County's long-term Capital <br /> Improvement Plan. <br />
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