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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 7, 2015 <br />Action Agenda <br />Item No. 5 -b <br />1 <br />SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br />and Equipment, and the Refinancing of Two 2006 Installment Financing <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) Yes <br />Services <br />ATTACHMENT(S): <br />Attachment 1. November 6, 2014 <br />Agenda Abstract <br />Attachment 2. Copy of Public Hearing <br />Notice <br />Attachment 3. Resolution <br />INFORMATION CONTACT: <br />Paul Laughton, (919) 245 -2152 <br />PURPOSE: To conduct a public hearing on the issuance of approximately $16,270,000 to <br />finance capital investment projects and equipment for the year; carry out refinancing of <br />approximately $10,200,000 from two 2006 installment financing issuances; and approve a <br />related resolution supporting the County's application to the Local Government Commission <br />(LGC) for its approval of the financing arrangements. <br />BACKGROUND: At its November 6, 2014 meeting, the Board of County Commissioners <br />received preliminary information of capital projects and equipment financing for the year <br />(Attachment 1). At that meeting the Board made a preliminary determination to finance costs of <br />these projects and equipment by the use of installment financing, as authorized under Section <br />160A -20 of the North Carolina General Statutes. County staff estimates that the total amount to <br />be financed for capital investment projects and equipment will be approximately $16,270,000. <br />The financing will also include amounts to pay transaction costs. <br />Also included is the refinancing of approximately $10,200,000 from a 2006 installment financing <br />secured by Carrboro High School, and a 2006 Certificates of Participation installment financing <br />secured by Gravelly Hill Middle School. <br />The statutes require that the County conduct a public hearing on the proposed financing and <br />refinancing contracts. A copy of the published notice of this hearing is provided (Attachment 2). <br />After conducting the public hearing and receiving public input, the Board will consider the <br />adoption of the resolution (Attachment 3). This resolution formally requests the required <br />approval from the North Carolina Local Government Commission for the County's financing <br />arrangements, and makes certain findings of fact as required under the LGC's guidelines. <br />