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ORANGE COUNTY BOARD OF COMMISSIONERS <br />CHAPEL HILL TOWN COUNCIL <br />JOINT MEETING <br />AGENDA ITEM ABSTRACT <br />Meeting Date: March 26, 2015 <br />SUBJECT: Joint Meeting Discussion Items <br />DEPARTMENT: County Manager /Town <br />Manager /Town Finance/ <br />County Finance /County Solid <br />Waste /County & Town Park <br />and Recreation /County Asset <br />Management/Town Economic <br />Development <br />ATTACHMENT(S): <br />As noted in "Background" section <br />PUBLIC HEARING: (Y /N) <br />1 <br />No <br />INFORMATION CONTACT: <br />Bonnie Hammersley, 245 -2300; Roger <br />Stancil, 968 -2743; Ken Pennoyer, 968- <br />2706; Paul Laughton, 245 -2550; Jason <br />Damweber, 968 -2844; David Stancil, 245- <br />2510; Jim Orr, 968 -2784; Gayle Wilson, <br />968 -2885; Jeff Thompson, 245 -2650 <br />PURPOSE: To discuss topics of mutual interest between the governing boards of Orange <br />County and the Town of Chapel Hill. <br />BACKGROUND: <br />1. Bond Referendum Updates <br />a) Town of Chapel Hill November 2015 Bond Referendum <br />The Town of Chapel Hill is planning a General Obligation Bond Referendum for <br />November of 2015. The planned referendum will be about $40.3 million and will <br />include streets & sidewalks, trails and greenways, recreation facilities, a solid waste <br />transfer station and stormwater improvements. The Town finances its long -term <br />capital improvement through its Debt Management Fund. The Debt Fund uses a <br />dedicated portion of the property tax that, along with other revenues such as <br />transfers from enterprise funds, is used to fund debt service payments. Based on <br />our projections, the proposed referendum bonds can be paid using the existing <br />capacity in the Debt Management Fund. In other words, it is expected that the Town <br />will not need to increase taxes in order to pay the debt service on the planned <br />referendum debt. <br />