Orange County NC Website
1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 11, 2014 <br />Action Agenda <br />Item No. 5 <br />SUBJECT: Potential Bond Issuance and Debt Capacity <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): INFORMATION CONTACT: <br />A) County Debt Capacity Schedule <br />Clarence Grier, 919 - 245 -2453 <br />PURPOSE: To receive a report on a potential bond referendum and related debt capacity of a <br />future debt issuance for Orange County. <br />BACKGROUND: Over the past fiscal year, the Board of County Commissioners has <br />discussed the need for a future bond referendum to fund some County and school long - <br />range capital needs. <br />The County maintains excellent bond ratings. <br />S &P - AAA <br />Fitch - AAA <br />Moody's - Aa1 positive outlook <br />The issuance of debt for two of the County's largest projects most recently discussed — New <br />County Jail Facility and Middle School #5 for the Chapel Hill - Carrboro City School District — <br />total a combined $73.2 million dollars, and both projects are included in the current County <br />Capital Investment Plan for the fiscal years 2015 - 2020. It is not anticipated that the new jail <br />project will be included in a potential general obligation bond referendum, but would be financed <br />with alternative financing. Orange County Schools has indicated the need for a new Elementary <br />#8. That project is not scheduled until FY 2021 -2022, but could be a potential project for <br />inclusion in a potential bond referendum. <br />