Agenda - 01-18-1994 - V-B - Laserfiche WebLink

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t i 1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No V-8 ACTION AGENDA ITEM ABSTRACT Meeting Date: January 18, 1994 SUBJECT: County Financings for School Construction Under NCGS Section 160A-20 ----------------------------------r------------------------------------- DEPARTMENT County Manager PUBLIC HEARING YES NO x -------------------------------- ------------------------------- ATTACHMENT(S) INFORMATION CONTACT Resolution Rod Visser, ext 2300 Proposed Legislation TELEPHONE NUMBER Hillsborough 732-8181 Chapel Hill 968-4501 Mebane 227-2031 Durham 688-7331 ---------------------------------------------------------------------- PURPOSE: To consider a resolution requesting that the Orange County legislative delegation introduce and support legislation authorizing Orange County to finance school construction under Section 160A-20 of the North Carolina General Statutes. BACKGROUND: On November 30, 1993, the Orange County Board of Commissioners, the Orange County Board of Education, and the Chapel Hill-Carrboro Board of Education met jointly to discuss options for financing elementary school space that may be needed. One outcome of the meeting was consensus among the three boards that the use of Certificates of Participation (COPS) is one appropriate method for pursuing the financing of school capital construction. Furthermore, the boards concurred that it would be appropriate to jointly adopt a resolution requesting that the members of the Orange County legislative delegation introduce and support local legislation in the 1994 Short Session of the General Assembly that would facilitate such financing by Orange County. A proposed resolution is included with this abstract, along with draft legislation (prepared by the County's bond counsel and reviewed by the County Attorney) that would authorize such financings. RECOMMENDATION: The Manager recommends that the Board adopt the resolution.