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the current schools cannot be maintained. She said there are serious issues, and there needs <br /> to be criteria and a long range plan to evaluate these older schools. <br /> Michael Talbert said the current outstanding debt is $190 million, and these proposals <br /> would double that debt in a short period of time. He said there are limits to what can be done, <br /> and the debt has to grow in proportion to the budget and the population. He said a 25 year plan <br /> is not realistic, as things will change. He said the two projects that started the discussion are <br /> both in the CIP. He said this discussion is about adding additional projects and there will have <br /> to be some give and take, as the County cannot afford to do it all. <br /> Chair Coffey clarified that the County will do the first two items without a bond <br /> referendum but these projects will be debt financed. <br /> Michael Talbert said yes. <br /> Chair Jacobs said financing a jail through existing mechanisms is better than a bond. <br /> He said the County will need to be strategic in this process. <br /> Chair Jacobs said reports from the boards should be back by April, and the options can <br /> be laid out and compared. <br /> Chair Jacobs said both school systems wanted to put this before everyone to see the <br /> task that lies ahead. <br /> 5. Possible Bond Issuance for November 2014 <br /> Clarence Grier said dates were discussed at the collaboration meeting, and May 2014 <br /> was too soon. He said the focus is on November 2014, and the amount discussed was $100 <br /> million. He said the two projects total $76 million, which leaves $24 million left for other debt <br /> issuance. <br /> He said the latest possible date would be November 2016. <br /> Chair Jacobs said there is no assumption; the Board is just getting information on the <br /> bond process. <br /> Commissioner Gordon said the Board has not had a general discussion of this, and <br /> there needs to be clarification that all that is being discussed tonight is the possibility of a bond <br /> issuance. <br /> Chair Brownstein clarified that the mention of November 2016 was in the context of the <br /> jail. She asked if the date piece is still fluid. She said there will be a sense of urgency as more <br /> details come forth about level of need. She said 2016 is too late to address school needs. <br /> Clarence Grier said staff will start prioritizing issues now, but no decisions are made yet. <br /> Bob Jessup said there is a formal timeline to get a referendum called. He said there are <br /> formal steps that must be taken by Board of County Commissioners in January for a May <br /> referendum, and in June for a November referendum. <br /> He said the second issue is that a bond referendum must happen on a regular election <br /> day. He said the voters vote once, but the money is borrowed and issued over a multi-year <br /> period. <br /> He said the last point is that the voters vote on separate generic questions regarding <br /> specific dollar amounts for separate generic projects. He said it is up to Board of County <br /> Commissioners to determine when that money is borrowed and what specific projects it is used <br /> for. He noted that priorities may evolve over time and use of the dollars may be changed. <br /> He said there would be one figure proposed to cover both schools <br /> Commissioner Gordon referred to Bob Jessup's comment regarding priorities and <br /> money usage changing after a bond referendum was passed. She said the County has always <br /> estimated funding per project and spent the money on those projects. She has always felt that <br /> the Board of County Commissioners had an obligation to follow through on what was proposed. <br /> She asked for more information on this issue. <br />