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16 <br /> North Carolina Local Government Commission for the County's financing arrangements, and <br /> makes certain findings of fact as required under the LGC's guidelines. County staff has been in <br /> contact with LGC staff, and staff expects no obstacles to receiving LGC approval. <br /> If the Board adopts the resolution (indicating its intent to continue with the financing plan), the <br /> Board will be asked to consider a resolution giving final approval to the financing plan at its <br /> November 19, 2013 meeting. Staff expects the LGC to approve the financing plan at the LGC's <br /> meeting on December 1. Under the current schedule, staff expects to set the final interest rates <br /> and other terms of the financing around November 15, and to close on the financing by the end <br /> of December. <br /> There is no financial impact related to this action. However, there will be <br /> a financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br /> service applicable to the County projects financing would require the highest debt service <br /> payment of$1,482,631 falling in fiscal years 2015-2019. The tax rate equivalent for the highest <br /> debt service payment is approximately .923 cents. Based on current valuations, no adjustment <br /> to the tax rate associated with this financing is contemplated to occur during the period noted. <br /> Clarence Grier noted the list of projects to be financed, as outlined on page 6 of the <br /> abstract. He said the largest project is the Culbreth Middle School Science Wing. <br /> He noted the 3 borrowing options outlined on attachment 3: 15 year Public Limited <br /> Obligation Bonds (LOB); 20 year Public LOB; and 15 year Placed IPC. He said these options <br /> have been researched and the recommended option is the 15 year Placed IPC, as it saves <br /> approximately $200,000 in financing costs. <br /> A motion was made by Commissioner Gordon, seconded by Commissioner Price to <br /> open the public hearing. <br /> VOTE: UNANIMOUS <br /> NO PUBLIC COMMENT <br /> A motion was made by Commissioner Price, seconded by Commissioner Rich to close <br /> the public hearing. <br /> VOTE: UNANIMOUS <br /> A motion was made by Commissioner Gordon, seconded by Commissioner McKee to <br /> adopt the resolution supporting the application to the Local Government Commission for <br /> approval of the financing arrangements. <br /> Commissioner Dorosin referred to attachment 3 and asked for clarification on the <br /> designation of the $200,000 savings that was mentioned. <br /> Clarence Grier said this is found by comparing the costs under the "uses" section, with <br /> special note of the Cost of Issuance. <br /> Commissioner Dorosin asked if the total cost of issuance should be looked at. <br /> Clarence Grier said that the total at the bottom in the far right of each column will reflect <br /> this savings. <br /> VOTE: UNANIMOUS <br /> 7. Regular Agenda <br />