Minutes 09-30-2014 - Laserfiche WebLink

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depending on factors involved in selling the debt and paying off future debt, they will probably be able to issue another $100 million within 7 years after the first bond. Commissioner McKee said any tax increase associated with the bond would be above any normal tax increase driven by increase in budget. Clarence Grier said the tax increase would relate to just the debt service amounts. Commissioner Gordon asked if there is any thought about when the Board of County Commissioners should discuss which schedule needs to be followed. Bonnie Hammersley said based on the timelines, staff would come to the Board of County Commissioners to request a work session to discuss this. She said she and Clarence Grier are in contact with the schools as they move forward with this process. She said there is no recommendation set in stone. She said the difference will be the preference of the Board of Commissioners and the school boards. Chair Jacobs said the Board has not created the bond group yet. He said this has been discussed at their school collaboration meetings, and it will be a topic at the retreat. Commissioner Gordon said she raised this question because the economic climate is different now than from what it was in 2001, and more time may be needed to do the educational campaign. Commissioner Rich asked if the way the bond committee ran in 2001 was considered successful, or if there were any lessons learned. Chair Halkiotis said he was there in 2001, and he agrees with Commissioner Gordon. He said the process should start early regardless of the bond date that is chosen. Chair Jacobs said the 2001 process was successful, and the schools had a prominent voice at the table. He said there is no reason not to be cautious, as it is a different time, but he thinks people will get this. He said the Board would need a decision item in June 2015 to get the group started prior to the Board of County Commissioners Meeting in August 2015. Chair Jacobs noted that most of their bonds in the past have been driven by the schools. Chair Bedford said timing makes a big difference, but it is very difficult to plan until you know how much money you have to work with. She hopes the following presentation will help explain the dilemma. Todd Lofrese the Board has already received their report and approved the overall recommendations for the ten oldest facilities. He reviewed the following PowerPoint slides: CHCCS Older Facilities Summary • Older schools need significant investments • Recommendations — Fix aging infrastructure issues — Bring older schools to OC standard — Address safety and security — Increase capacity and delay new schools — Delays operational increases • Timing is important • Continued collaboration Facilities Assessment Recommendation and Differed Cost of New Schools • Recommendations increase student capacity as follows: • Carrboro Elementary + 52 • Ephesus +137 • Estes Hills + 58