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Tara Fikes said the AHAB did identify the existing mobile home communities. She said <br /> this can be brought back to the Board. <br /> Chair Jacobs said the Commissioners appreciate what staff and the AHAB are doing. <br /> He said the Board is very interested in this issue. <br /> 4. Potential Bond Issuance <br /> Clarence Grier said there have been recent discussions with the school boards <br /> regarding bonds. He said the top two bond issues are the schools and the jail, and the <br /> number comes in at around $100 million. He said this includes $30 million for the jail and $43 <br /> million for Chapel Hill/Carrboro middle school #5. He said these two projects would take up 73 <br /> percent of the bond. <br /> He said there have not been any projects received for Orange County Schools that <br /> would be included in a bond referendum. He said Orange County Schools has mentioned <br /> Elementary School #8 at a cost of$22 million. He said if this was included it would leave <br /> about $5 million. Clarence Grier said $100 million could be afforded with the current <br /> structure of the bond. He said the maximum amount would be $125 million, and this would put <br /> the County right up against the 15 percent debt capacity policy. <br /> He said if this was issued at $100 million, it would be $6.7 million dollars over 20 years <br /> at current rates. He said this means 4.18 cents on the tax rate increase to fund that debt. He <br /> said the bond rating agencies look to see that the County stays with its policies. <br /> He said that if the capital plan is moved forward as-is things should be good. He said <br /> the budget would have to increase, as stipulated, by 1.5 -2 percent each year to provide cover. <br /> Commissioner Gordon asked about the rationale for having a bond referendum. She <br /> asked if this is to get permission from the taxpayers to raise the tax rate. <br /> Clarence Grier said this could be part of it. He said if there is a project that the public <br /> may have issue with, this is put on a bond referendum for approval. He said if there is a <br /> project that the Board is going to go ahead with, it would not be put on the bond referendum to <br /> risk defeat. <br /> He said there has been some flexibility provided over the past fiscal year. He said <br /> limited obligation bonds, installment debt, and financing for elementary #11 were all issued. <br /> He said the jail is already listed in the CIP, and that would probably be the only <br /> controversial project. He said jails, schools and courthouses are automatically approved for <br /> financing, without approval from the general assembly. <br /> Commissioner Gordon asked, if the jail and school are already on the CIP, why this <br /> needs to be put on a bond referendum. She said the Orange County schools don't need any <br /> new schools, and Elementary School #8 is not scheduled until 2022. She said there are needs <br /> in the older Orange County facilities that might be voted on. <br /> She said she does not think the jail and the middle school should be put up for a vote. <br /> Clarence Grier said the Orange County School Board has mentioned the need for <br /> Elementary #8, and this is the only reason it is included. He said there have been recent <br /> discussions of the older school facilities and those needs. He said priorities may change as <br /> the discussion continues. <br /> He said Chapel Hill has said that if some of the older schools' needs are met, it may <br /> push back the need for Middle School #5. <br /> He said these things can be evaluated and re-prioritized by the capital needs task force <br /> in the future. <br />