Agenda - 11-04-1996 - 8l - Laserfiche WebLink

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M 2 , S ORANGE COUNTY, NORTH CAROLINA REQUEST FOR PROPOSALS BOND COUNSEL SERVICES SOUTHERN VILLAGE ELEMENTARY SCHOOL FINANCING OCTOBER 21, 1996 DESCRIPTION OF ENGAGEMENT Orange County's adopted Capital Improvements Plan includes construction of a$14 million elementary school in the Southern Village Development in southern Orange County. The school's planned opening is Summer, 1999. The school building and related improvements will be located on a combination of land currently owned by the Chapel Hill-Carrboro Board of Education and by the Town of Chapel Hill. It is anticipated that title to the land upon which the school will be constructed will pass to the County prior to closing, and that security satisfactory to the prospective lender will be made. Orange County wishes to engage a qualified firm to provide all bond counsel services, including providing a tax certificate(s)satisfactory to the County and a tax opinion upon which Orange County and the lender can rely,related to a 160A-20"private placement"financing of this facility. In order to obtain the lowest possible interest cost, Orange County prefers a"split forward"financing approach of$5 million in December 1996 and $9 million sometime in 1997,thus preserving the County's"bank qualification"for both calendar years 1996 and 1997. Orange County's interest is in obtaining the most favorable tax status for this financing, and thus is willing to consider alternatives that bond counsel may suggest to accomplish this purpose. PROPOSAL REQUIREMENTS Proposals must address the following points: 1. Briefly describe the firm's practice in public finance, including information relating to total size and staffing, research capability,professional staff,and support staff. Include biographical information on the individuals who would be directly responsible for the County's work. Do not include information on staff who would not have day-to-day contact with the County's business. 2. Describe any experience your firm has in handling 160A-20 financings,especially involving school construction, distinguishing between private placements and Certificates of Participation(COPS). 3. Describe the firm's capability and experience in Section 103 of the Internal Revenue Code of 1986, as amended, and any other provisions of the Internal Revenue Code applicable to public finance. 4. Describe other areas of the firm's expertise related to government practice from which the firm believes the County may benefit. 5. Identify three(3)capital financing challenges encountered by North Carolina local governmental units, the information about which is not privileged,with which the firm has worked,and describe the solutions to those problems developed by the firm. Provide names and telephone numbers of references from the local governmental units involved.