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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 24, 2008 <br />Action Agenda <br />Item No. __~' ` J <br />SUBJECT: Proposed Financing for Animal Shelter and Solid Waste Equipment <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Resolution Supporting Application to the <br />LGC for Approval of Installment Gary Humphreys, 919-245-2453 <br />Financing Robert Jessup, 919-755-1800 <br />PURPOSE: To consider adopting a resolution required by the Local Government Commission <br />(LGC) for approval of the acquisition of financing needed for construction of the Animal Services <br />Facilities and to reimburse the County for Solid Waste equipment that has been recently <br />purchased, <br />BACKGROUND: The proposed financing is a part of the planned financings to be issued ~in <br />Fiscal Year 2008-09 that have been previously been discussed by the Board of County <br />Commissioners. On February 19, 2008, the Board approved a contract for site preparation for <br />the Animal Services Facility and a reimbursement resolution authorizing the issuance of a <br />maximum of $8 million of non-general obligation debt (alternative financing) to pay for the costs <br />of this project. At its June 3, 2008 meeting, the Board approved the contract for construction of <br />the Animal Services Facility. On February 19, 2008, the Board authorized the purchase of two <br />front loading garbage trucks at a total cost of $401,592. On April 1, 2008, the Board approved <br />the purchase of a landfill compactor at a cost of $645,222 along with a reimbursement resolution <br />authorizing financing. <br />This proposed financing of $9.3 million will require approval of the LGC. The requested Board <br />action is the initial step in the LGC approval process and involves the adoption of the attached <br />resolution. The resolution accomplishes several purposes that include: <br />• Authorizing County Staff to pursue the LGC application process; <br />• Authorizing County Staff to solicit financing proposals; and <br />• Directing staff to arrange for a public hearing on the proposed financing (proposed public <br />hearing date is August 19, 2008). <br />If the Board approves the resolution, staff will proceed to solicit proposals from institutions <br />interested in providing the County with financing for the project. The financing related to the <br />Animal Shelter will be for a period not to exceed 20 years. The Solid Waste equipment financing <br />will be for a period not to exceed 59 months. The recommended financing proposals will be <br />