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umuuii i��lllll�� puumiio� iuuu�i cot m �� ��, �, <br />NOR 11-1 CA ROLYNTLA <br />FINANCE AND ADMINISTRATIVE SERVICES <br />200 South Cameron Street <br />Post Office Box 8181 <br />Hillsborough, North Carolina 27278 <br />TO: Orange County Board of Commissioners <br />FROM: Paul Laughton, Deputy Director <br />DATE: January 22, 2015 <br />77 <br />Phone (919) 245 -2151 <br />Fax (919) 644 -3324 <br />RE: BOCC Retreat Information on Possible 2016 Bond Referendum and <br />Historical Information on the 2001 Bond Referendum <br />Over the past fiscal year, the Board of County Commissioners has discussed the need for a <br />future bond referendum to fund some County and school long -range capital needs. As recently <br />discussed by the Board of County Commissioners and both school districts (Chapel Hill — <br />Carrboro City Schools and Orange County Schools), part of the incentive for going forward with <br />a potential general obligation bond referendum is the repair, renovation, and upgrading of <br />existing and older school facilities. <br />The County maintains excellent bond ratings. <br />S &P — AAA <br />Fitch - AAA <br />Moody's - AAA <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. Orange County Schools has indicated <br />the need for a new Elementary #8. Currently, that project is listed in Years 6 -10 in the Capital <br />Investment Plan, but could be a potential project for inclusion in a potential bond referendum. <br />Additionally, as previously mentioned, both school districts have older facility needs totaling <br />approximately $330 million that could potentially be addressed in part with a general obligation <br />bond referendum. <br />Additionally, in order to afford additional debt, the County would potentially have to increase the <br />property tax rate 2.82 cents for the new debt service. This projected tax increase would not <br />An Equal Opportunity /Affirmative Action Employer <br />www, o ra n�eco u n tin c�ov <br />