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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 29, 2014 <br />76 <br />Action Agenda <br />Item No. 2 <br />SUBJECT: Potential Bond Issuance Schedule and Timeline for a May 2016 Bond <br />Referendum <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />A. Proposed Bond Schedule for a <br />May 2016 Referendum <br />B. Chapel Hill — Carrboro City <br />Schools Letter and Information in <br />regards to older facility needs. <br />INFORMATION CONTACT: <br />Clarence Grier, 919 - 245 -2453 <br />Bob Jessup, 919 - 989 -9391 <br />PURPOSE: To receive information on a potential May 2016 bond referendum schedule. <br />BACKGROUND: In recent meetings over the past few months, the Board of County <br />Commissioners has discussed the need for a future bond referendum to fund County and <br />School long -range capital needs. This item was also discussed at the September 3, 2013 <br />County /School Collaboration Meeting, and the Board of County Commissioners Board Retreat <br />on January 31, 2014. Originally, there were two potential dates for the voters to consider a <br />bond referendum — November 2014 and November 2015. Recently, the Board of County <br />Commissioners decided to change the proposed bond referendum to May 2016. Bob Jessup, <br />Orange County Bond Counsel, and Orange County staff have provided schedules for both <br />dates including a brief timeline comparison related to both dates. <br />Currently, although some projects were discussed preliminarily in previous meetings, such as <br />Middle School #5 for the Chapel Hill — Carrboro City School District, the Board of County <br />Commissioners has not finalized the components of any potential bond referendum. Both <br />School Districts have older facility needs that total approximately $330 million that could be <br />included as potential projects of the proposed referendum. Additionally, in previous bond <br />referendums, the Board of County Commissioners appointed a Capital Needs Task Force to <br />discuss and recommend the components of the bond referendums, and the use of an <br />educational campaign to educate the public about the needs and purpose of the bond <br />referendum. <br />Additionally, Chapel Hill — Carrboro City Schools has requested $750,000 in planning funds to address <br />the older facility needs of their school district that could be potentially funded with the proceeds from a <br />potential bond referendum. <br />