Agenda - 02-18-2014 - 6a - Laserfiche WebLink

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I Marcie Spivey said revenues increased over expenditures, primarily due to an increase 2 in collected property tax. She said the County's property tax has a good collection rate, and it is 3 better than the state average. 4 She said expenditures were also less than budgeted, as a result of continued directives 5 to the departments to hold cost. She said the one increase was in the "other financing 6 sources ", which includes debt services and transfers among other funds, such as school capital 7 costs. 8 9 Chair Jacobs suggested some Commissioners might want to meet with Clarence Grier 10 over the break to discuss these numbers in greater detail. He asked if Clarence Grier would be 11 available to meet with the Commissioners if needed. 12 Clarence Grier said he would be available. 13 14 5. Public Hearings - 15 ADDED TO AGENDA: 16 17 a. Public Hearing and Adoption of the Final Financing Resolution Authorizing 18 the Issuance of $10,500,000 of Installment Financing to Finance Various 19 County and School Capital Investment Plan Projects and County Equipment 20 21 Clarence Grier noted the yellow abstract at the Commissioner's places, as this item was 22 removed from the consent agenda and added under public hearings. Tonight he is asking the 23 Board to conduct a public hearing to receive public comment on the final financing resolution 24 authorizing the issue of $10,500,000 of installment financing to finance various County and 25 School Capital Investment Plan Projects and County equipment, including the proposed 26 transfer of Culbreth Middle School, including the buildings and the related real estate, from the 27 Chapel Hill - Carrboro City School Board to Orange County to facilitate the financing of a new 28 science wing at the school; and adopting the final financing resolution authorizing the issue of 29 $10,500,000 of installment financing to finance various County and School Capital Investment 30 Plan Projects and County equipment. 31 32 Clarence Grier said that during its November 5, 2013 meeting, the Board of County 33 Commissioners approved the financing of various County and School Capital projects and 34 County equipment (Attachment 1). Staff requested and received bids for the proposed 35 installment financing from the following financial institutions: 36 37 1. SunTrust Institutional and Government Inc. 38 2. Bank of America Public Capital Corp 39 3. PNC Bank 40 4. First Tennessee Bank 41 42 Clarence Grier said Bank of America was selected as the financially responsive and 43 responsible bidder. He said the financing agreement will be subdivided into two installment 44 financing agreements, one for the financing of the capital investment projects and one for the 45 financing of the equipment. 46 He said the financing terms of the two installment financing agreements will be as 47 follows: 48 1. Installment Financing Agreement 1 — Capital Projects - $8.16 million in total debt service, 49 Interest Rate — 2.41 %, Average debt service over 15 years totals $544,252. 50 2. Installment Financing Agreement 1 — Equipment - $3.88 million, Interest Rate — 1.24 %,