Orange County NC Website
Browse       Search
15 <br />1 Grand Total FY 2014 -15 Financing $ 15,498,905 <br />2 <br />3 Additionally, there are some previous year capital projects, although approved in the budget, for <br />4 which the financing was not issued due to the project schedule and decisions. The preliminary <br />5 schedule for the financing is attached to the abstract. County staff will be receiving bids from <br />6 financial institutions to secure the financing. Staff anticipates receiving $15.5 million in financing <br />7 for an average of 10 years at an interest rate of 2.30 percent, which will result in an average <br />8 annual debt service cost of $1,752,650. <br />9 <br />10 FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br />11 a financial impact in proceeding with the financing. A preliminary estimate of debt service <br />12 applicable to the financing would be $1,752,650. The tax rate equivalent for the annual debt <br />13 service payment is approximately 1.07 cents of the current property tax rate. <br />14 <br />15 Clarence Grier said there was one additional project that may need to be added to the <br />16 list. He said staff is looking at a central permitting function solution, and preliminary estimates <br />17 were higher than expected. He said this would cost an additional $750,000, and more <br />18 information will be provided for this. He said this would not increase the debt service more than <br />19 $100,000 and there are more than enough savings to accommodate this. <br />20 Clarence Grier reviewed the calendar on the last page of the abstract. He said this <br />21 would potentially be brought back for a public hearing on December the 9th. He noted that a <br />22 letter must be sent to the joint legislative committee for review. <br />23 Commissioner McKee asked about the in -car camera replacements. <br />24 Clarence Grier said the warranty for these goes out of service in December, and they <br />25 need to be replaced. <br />26 Commissioner McKee asked for clarification on the amount for Information Technology. <br />27 Clarence Grier said this may go up by as much as $750,000. He said some of the bids <br />28 for the central permitting solution are a bit higher than anticipated. <br />29 Commissioner Gordon said the motion should move forward as written, with the <br />30 exception of the Information Technologies item, which could increase up to $750,000. <br />31 <br />32 A motion was made by Commissioner Gordon, seconded by Commissioner McKee to <br />33 approve moving forward with the financing of the stated capital project and equipment <br />34 financing, as outlined in the agenda materials, except that the Information Technologies item <br />35 MAY increase by as much as $750,000. <br />36 <br />37 VOTE: UNANIMOUS <br />38 <br />39 8. Reports -NONE <br />40 <br />41 9. County Manager's Report <br />42 Bonnie Hammersley reviewed the following list: <br />43 Projected November 11, 2014 Regular Work Session Items <br />44 Status of Urban Roll Cart Implementation <br />45 Ephesus Fordham <br />46 Child Care Update <br />47 Proposed ETJ Approval Process <br />48 <br />49 Bonnie Hammersley said there will also be a closed session on the November 11 th <br />50 agenda for an economic development item. <br />