Orange County NC Website
• Priority in various Master Plans, including the Parks & Greenways, Stormwater, <br /> Streetscape, Bike and Sidewalks Master Plans. <br /> • Whether the project was contemplated in the Town's 2020 planning process. <br /> • The project's importance score in the Community Survey. <br /> Streets & Sidewalks $ 16,200,000 <br /> Trails and Greenways $ 5,000,000 <br /> Recreation Facilities $ 8,000,000 <br /> Solid Waste Transfer Station $ 5,200,000 <br /> Stormwater Improvements $ 5,900,000 <br /> Schedule <br /> The Town Council is scheduled to take its first official action for the planned <br /> referendum on April 27th when they take up the preliminary findings resolution. Other <br /> important milestones in the referendum process include introduction of bond orders and setting <br /> of the public hearing scheduled for May 27th and holding the public hearing, adoption of bond <br /> orders and setting of ballot questions on June 22nd. <br /> Debt Affordability <br /> The Town has manageable debt levels as evidenced by its low debt per capita and <br /> debt to assessed value benchmarks compared to its triple A rated municipal peer group. The <br /> Town's debt pay-out ratio (amount of debt service payable in the next ten years) is 77.9%, <br /> which is considered very strong. In addition, the Town's annual debt service as a percent of <br /> governmental revenues is currently about 9.2%, which is well below historic levels. <br /> b) Potential November 2016 Oranqe County Bond Referendum <br /> Chair McKee said Orange County has discussed a possible referendum on two <br /> separate occasions. <br /> Paul Laughton said both school systems are looking at about $330 million worth of <br /> repairs and renovations to their older schools. He said the County is still gathering information <br /> on this, and it would be a large portion of a potential bond referendum. <br /> He said information was shared at the Board of County Commissioners' retreat <br /> regarding the 2001 bond and its process, two key debt ratios and where Orange County <br /> stands regarding this. He said that the County debt capacity is 15 percent and currently the <br /> county is at 13.24 percent. He said that Orange County is AAA bond rated and is therefore in <br /> the strong category. He said that debt to assess value is also important. The County sets the <br /> maximum debt to assess value at 3 percent, and it is currently at 1.17 percent. He said this <br /> again puts the County in a strong rating category. <br /> Paul Laughton said the Board of County Commissioners discussed at their March 3�a <br /> meeting the intent to schedule a bond referendum in November 2016 to address County and <br /> school needs. The Board also discussed the creation of a Capital Needs Advisory Task Force. <br /> The Board of County Commissioners asked for additional information from the schools. He <br /> said Orange County schools will present their priorities in May. <br /> Paul Laughton said staff has looked at possible timeframes with appointing a task force <br /> in late spring. He said the task force could meet over summer break and could come back with <br /> recommendations by October 6, 2015 if not before. <br /> Paul Laughton said they are looking at a potential $125 million bond. The total of$330 <br /> million in repairs cannot be accomplished in one bond referendum; therefore priorities will be <br /> important. <br /> Bonnie Hammersley said that more information will be given to the Board of County <br /> Commissioners. She said the process for doing so has not yet been determined. <br />