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Commissioner Rich said the staff needs to talk to the Towns and the staff of the School <br /> Boards. <br /> Chair McKee agreed with Commissioner Rich and said the issue will be taken as a <br /> consideration item. <br /> Commissioner Burroughs said the amount of the bond needs to be discussed. <br /> A motion was made by Commissioner Burroughs, seconded by Commissioner Pelissier <br /> to set the amount of the bond at $125 million. <br /> Commissioner Rich asked for the difference in the tax rate between a $100 million and <br /> $125 million bond. <br /> Paul Laughton said this would be a little less than a penny on the tax rate. He said to <br /> go from $100 million to $125 million would be an additional penny on the tax rate. <br /> Commissioner Rich said the $100 million brought about 4 cents on the tax rate. <br /> Paul Laughton said yes and that the $125 million will be a little under 5 cents on the tax <br /> rate. <br /> VOTE: Ayes, 4 (Chair McKee, Commissioner Pelissier, Commissioner Price, Commissioner <br /> Burroughs); Nays, 2 (Commissioner Jacobs and Commissioner Rich). <br /> MOTION PASSES 4-2 <br /> John Roberts said to Commissioner Rich that there is no ten year limit between bonds, <br /> but there is a ten year limit on issuing the bonds once the bond order is approved. <br /> Paul Laughton said there is a seven year limit to issue the bond amount with a <br /> possibility of a three year extension. <br /> Commissioner Burroughs asked if the tax increase happens all at once or is spread out <br /> over time. <br /> Paul Laughton said that the tax increase would not happen in one year but will be <br /> spread out over time. <br /> Commissioner Rich said at some point Orange County citizens will eventually get bond <br /> fatigue. She said there will be bond fatigue after the Chapel Hill Bond. <br /> Commissioner Price asked if the financial scenario changes before the bond is on the <br /> ballot, whether the Board is committed to $125 million. <br /> John Roberts said this decision is just expressing the intent of the Board, and it is not <br /> binding. He said as the Board goes through the process they will be making more binding <br /> decisions as related to the bond. <br /> Chair McKee said there will be time to talk with the School Boards once they have <br /> determined their list of priorities. <br /> Commissioner Price asked if it is possible to place an additional item in the bond should <br /> there be a huge outcry for it. <br /> Staff answered yes. <br /> 8. Reports <br /> NONE <br /> 9. County Manager's Report <br />