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Chair Jacobs remarked on a visit he and Commissioner Pelissier made to the Guilford <br /> County Jail that had been built in pods that can be phased in over time. <br /> Clarence Grier cautioned that these estimates are based on current interest rates. If <br /> future rates rise, additional debt capacity will be lowered. That is why it is so important <br /> to maintain their high bond ratings to keep the cost of borrowing as low as possible. He <br /> also noted that a $100 million bond would represent half of the County's annual <br /> operating budget. <br /> Michael Talbert emphasized that even though debt service estimates are conservative, <br /> so are their budget estimates. With revenue growth of 1.5-2%, they are coming out of <br /> the great recession. He hoped that they will get to 3, 4, or 5 per cent at some point. <br /> He indicated that Clarence Grier has provided estimates on a very conservative basis. <br /> The Board discussed concerns and implications of holding a referendum at different <br /> scheduled elections in 2014, 2015, or 2016. Reluctance was expressed about holding <br /> a referendum in an expected low turnout election. There was some desirability of <br /> pursuing a November 2014 referendum, but significant concern that there would be <br /> inadequate time to address all the steps needed for a successful bond referendum, <br /> including partner, stakeholder, and citizen involvement in the process. <br /> Michael Talbert said that to pursue a November 2014 referendum, the Board would <br /> have to make major decisions on this between now and summer. The Board can take <br /> it as information today and add it to a work session on March 11, but if they need a task <br /> force they need to make decisions today about that. <br /> Chair Jacobs said they could add a work session between now and March 11 to <br /> discuss this, if need be. <br /> Michael Talbert said it is feasible to address this again on March 11, but he agreed with <br /> Commissioner Dorosin that the longer they push this out, they have by default decided <br /> not to do this in November 2014. <br /> Commissioner McKee said it took about 18 months in 2001 to put a bond referendum in <br /> place. <br /> Commissioner Pelissier said they have not even discussed affordable housing yet; they <br /> need time to prepare and educate the citizens on this topic in a bond. She noted the <br /> first time they put up the quarter-cent sales tax for a vote, they had inadequate time to <br /> educate voters about the issues. The second time we were better prepared. She does <br /> not think they can realistically do it in November 2014. <br /> Commissioner Gordon said she has experience in bond referendums, both ones that <br /> passed and failed. It is her judgment, based on successful bond referenda, that the <br /> more deliberate a process there is of getting stakeholders on board, and taking time to <br /> educate voters, then the more likelihood of having a better chance of success. <br /> Rod Visser said that as the facilitator he has heard a lot of disappointment that they <br /> want to do this but do not feel there is enough time to do it right for November 2014. It <br /> sounds like they are providing guidance to the Manager and staff that they should not <br /> be jumping through "hoops" to try to get everything done for a November 2014 bond <br /> referendum. He asked if anyone disagreed that is a fair reading of the discussion just <br /> held. No one stated disagreement, but Chair Jacobs suggested that they could take <br /> the February 11 work session for staff to bring information about what would be <br /> involved in developing a November 2014 bond referendum back to the Board of County <br />