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11 <br />No Attachments <br />4. Potential 2016 County Bond Referendum Update <br />In several meetings during the past year, the Board of Commissioners has discussed the <br />possible scheduling of a bond referendum to address County and School capital needs. <br />A large part of the incentive for going forward with a potential General Obligation bond <br />referendum is the repair, renovation, and upgrading of existing older school facilities. <br />Both school systems have completed facilities assessments of their older schools, and <br />reflect needs totaling approximately $330 million. <br />At the Board's January 30, 2015 Retreat, the Board directed staff to develop materials <br />for Board consideration regarding the Board formally expressing its intent to schedule a <br />November 2016 Bond Referendum, including a total bond package amount of <br />approximately $125 million. The Board also directed staff to move forward with the <br />development of a process for a November 2016 Bond Referendum similar to the process <br />utilized during the County's 2001 Bond Referendum. <br />In preparation for a potential November 2016 Bond Referendum, staff has proposed that <br />the Board discuss and consider approving the creation of a 2015 Capital Needs Advisory <br />Task Force at its upcoming March 3, 2015 meeting. Items recommended to the County <br />for inclusion in a 2016 Bond Referendum would be referred to the Task Force for review <br />and prioritization, along with other proposed recommendations. <br />Based on a staff suggested timeframe, the Board could likely appoint Task Force <br />members at its April 7 and /or April 21, 2015 regular Board meetings. This would permit <br />the Task Force to hold its initial meeting in May and continue meeting in May, June and <br />through the summer break. Staff's initial proposal is that the Task Force be directed to <br />complete its work and provide its recommendations to the Board of Commissioners by <br />October 6, 2015, if not before. The Board would then consider establishing potential <br />bond categories and amounts and consider staff's initial estimate of the potential tax rate <br />impacts from the debt service of approximately $125 million for the total bond package. <br />As was the case in 2001, the Board may retain the services of an external facilitator to <br />assist the Capital Needs Advisory Task Force. The Task Force could receive assistance <br />from the Dispute Settlement Center, the UNC School of Government or other resources <br />that may be worthwhile again for the 2016 process. <br />Staff will provide any other information at the meeting, and the Boards can discuss <br />issues related to this item as necessary. <br />No Attachments <br />