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4 <br /> Over the past few months, the Orange County Board of County Commissioners <br /> has discussed the need for a future bond referendum to fund County and school <br /> long-range capital needs. <br /> The anticipated general obligation bond referendum (bond referendum) and <br /> issuance of general obligation bonds is currently estimated to be approximately <br /> $100 million over a period not to exceed 20 years. At current municipal bond <br /> interest rates, the total combined debt service is estimated to be $6.7 million <br /> annually. This would represent 4.18 cents on the current property tax rate. <br /> The components of the bond referendum have not been formalized, and the <br /> Board of County Commissioners will begin discussions of the potential <br /> components of any referendum over the next few months. <br /> The County's tax supported debt is comprised of the following debt obligations: <br /> Total <br /> General obligation bonds $ 86,205,000 <br /> Installment financings 127,885,269 <br /> Capital leases 1,746,233 <br /> Total $ 215,836,502 <br /> The total debt service on the above financings (principal and interest) totals <br /> $272.3 million. <br /> Orange County's current bond ratings are as follows: <br /> • S&P -AAA <br /> • Fitch -AAA <br /> • Moody's - Aa1 positive outlook <br /> If the bond referendum is approved in its entirety by the voters during FY2015-16, <br /> and the general obligation bonds are sold at a staggered period of every two years <br /> commencing the Spring of 2016 in the following increments (for illustrative <br /> purposes only), the average annual debt service would be as follows: <br /> Average <br /> Annual <br /> Debt Service <br /> $40,000,000 in Fiscal year 2015-2016 $ 2,688,628 <br /> $30,000,000 in Fiscal year 2017-2018 2,016,471 <br /> $30,000,000 in fiscal year 2019-2020 2,016,471 <br /> Total 6.721.570 <br />