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C). Currently, the County and both School Districts (Chapel — Carrboro City Schools and <br /> Orange County Schools) have capital projects that are proposed for inclusion as part of the <br /> general obligation bond referendum. Moreover, both school districts have older facility needs <br /> totaling approximately $330 million that could potentially be addressed in part with a general <br /> obligation bond referendum. <br /> At the September 11, 2014 Board of County Commissioners Work Session, the recommended <br /> sizing of the potential general obligation bond referendum was discussed at a range between <br /> $100 and $125 million over a period of 20 years. At current AAA municipal bond interest rates, <br /> the total combined debt service for a $100 million general obligation bond issuance is <br /> estimated to be $6.5 million annually. This would represent the property tax rate equivalent of <br /> 4.00 cents on the current property tax rate. At current AAA municipal bond interest rates, the <br /> total combined debt service for $125 million general obligation bond issuance is estimated to <br /> be $8.1 million annually. This would represent property tax rate equivalent of 4.89 cents on the <br /> current property tax rate. <br /> Future debt capacity for a potential general obligation bond referendum can increase or <br /> decrease due to the following circumstances: <br /> • Future increases or decreases in interest rates <br /> • Future changes or modifications to the capital investment plans of the County and/or both <br /> School Districts (individually or collectively) <br /> • Future changes of a legislative or regulatory nature <br /> Alderman Slade said there is a resolution at their places that the Carrboro Board of <br /> Alderman passed regarding the energy efficient needs for renovating the schools. He said the <br /> facility upgrades provide a huge opportunity to do some of the energy efficiency upgrades. He <br /> said this can generate 25 to 30 percent cost savings. He said Carrboro's overall goal is to <br /> reduce greenhouse gas emissions 40 percent below 1990 levels by 2020, and schools in the <br /> town represent 6 percent of emissions. He encouraged the boards to include comprehensive <br /> energy efficiency improvement goals in this process. <br /> Alderman Chaney left at 9:OOpm. <br /> Alderman Haven O'Donnell thanked Alderman Slade for bringing this resolution forward <br /> to the Town of Carrboro and to this body. She looks forward to the opportunity to enact some <br /> of these recommendations that have been worked on for so long. <br /> Chair Jacobs said the County has green building standards, and the most recently built <br /> schools incorporate this. He said the other schools will be brought up to these same standards <br /> as retrofits are done. <br /> Alderman Slade asked if other items could be considered for a bond referendum, such <br /> as affordable housing. <br /> Chair Jacobs said affordable housing is on the table, but the Board has not actually <br /> decided what will be done. He said there are many groups outside of the schools and the <br /> towns that have needs and interests, and the Board will see what other groups make sense in <br /> coming to the table. <br /> Alderman Slade said there has been interest from his Board to see affordable housing <br /> represented, and he would like to add the suggestion of thinking about climate change. <br /> 5. Rural Buffer <br /> a. Rural Buffer and Countywide Population Proiections <br />