Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 10, 2013 <br /> Action Agenda <br /> Item No. 5-a (Proposed) <br /> i <br /> SUBJECT: Public Hearing and Adoption of the Final Financing Resolution Authorizing the <br /> Issuance of $10,500,000 of Installment Financing to Finance Various County <br /> and School Capital Investment Plan Projects and County Equipment <br /> DEPARTMENT: Finance and Administrative PUBLIC HEARING: (YIN) <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACTS: <br /> 1.. Listing of Projects to be Financed Clarence Grier, 91.9-245-2453 <br /> 2. Bid Summary and Debt Service Robert Jessup, 919-933-9891 <br /> Schedule <br /> 3. Resolution Approving Financing <br /> Terms and Documents for 2014 <br /> Installment Financing <br /> 3 <br /> PURPOSE: To: <br /> 1) Conduct a public hearing to receive public .comment on the final financing resolution <br /> authorizing the issue of $10,500,000 of installment financing to finance various County <br /> and School Capital Investment Plan Projects and County equipment, including the <br /> proposed transfer of Culbreth Middle School, including the buildings and the related real <br /> estate, from the Chapel Hill - Carrboro City School Board to Orange County to facilitate <br /> the financing of a new science wing at the school; and <br /> 2) adopt the final financing resolution authorizing the issue of $10,500,000 of installment <br /> financing to finance various County and School Capital Investment Plan Projects and <br /> County equipment. <br /> i <br /> BACKGROUND: During its November 5, 2013 meeting, the Board of County Commissioners <br /> approved the financing of various County and School Capital projects and County equipment <br /> (Attachment 1). <br /> Staff requested and received bids for the proposed installment financing from the following <br /> financial institutions: <br /> 1. SunTrust Institutional and Government Inc. <br /> 2. Bank of America Public Capital Corp <br /> 3. PNC Bank <br />