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economic development, funding instrumental in providing infrastructure that resulted in <br /> the location of the Morinaga Company in western Orange County; and <br /> WHEREAS, Frank Clifton worked devotedly to promote policies and practices he believed were <br /> essential to the well-being of Orange County; and <br /> WHEREAS, public service requires a level of dedication, responsiveness, training, and hard <br /> work that is to be admired and saluted. <br /> NOW, THEREFORE, BE IT RESOLVED that the Orange County Board of Commissioners, the <br /> county staff, and the residents of Orange County do hereby express our appreciation <br /> and respect for Frank Clifton for his service and leadership, and wish him well as he <br /> retires and moves on to other endeavors. <br /> This the 26th day of September 2013 <br /> A motion was made by Commissioner Rich, seconded by Commissioner Price to add <br /> this item to the agenda and to adopt the resolution. <br /> VOTE: UNANIMOUS <br /> 1. Welcome and Opening Remarks —CHCCS Chair Brownstein, OCS Chair Coffey and <br /> Chair Jacobs <br /> Chair Brownstein said collaboration has been good. She said she is happy to see <br /> relationships being built in order to help all the students in Orange County. <br /> Chair Coffey said the same, and she expressed appreciation for all that the Board of <br /> County Commissioners does for both schools. <br /> Chair Jacobs said that one of the fruitful consequences of the merger discussions is that <br /> the three boards began meeting to talk about issues of common concern. He said the meeting <br /> agenda has become a collaborative effort. <br /> 2. Overview and Presentation by Davenport and Company, LLC on Orange County's <br /> Financial Status and Debt Capacity <br /> Chair Jacobs said the Board has seen this at the collaboration meetings and it is an <br /> illuminating report. <br /> Clarence Grier said this company helps with many of the County's financial and bond <br /> issues. He reviewed the County's bond ratings and other background information from the <br /> abstract. He said this report will provide an overview of the County's debt. <br /> He introduced Ted Cole, Sr. Vice President and Robert High, First Vice President from <br /> Davenport and Company, LLC. <br /> Ted Cole said this report outlines where the County stands with regard to Debt Capacity <br /> and Debt Affordability. He noted that the most current capital program and CIP for the schools <br /> has been added as a reference and is located in the final pages of the booklet. <br /> He reviewed the following highlights from the Discussion Materials Booklet included in <br /> the abstract: <br /> Page 5 - Existing Tax Supported Debt—All County debt is fixed rate. He noted that debt <br /> related to utilities, landfill and the Sportsplex are not included. He noted the current total <br /> outstanding debt is $190,958,159. He said payments go down every year moving forward and if <br /> nothing is done, all existing debt would be retired by fiscal year (FY) 2033. He noted the <br />