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The Board is requested to approve a financing amount not to exceed $28,000,000, and a <br /> maximum interest rate of 3.75%. The final financial resolution (Attachment 2) includes as <br /> Exhibit B a list of draft documents. These lengthy documents are available to the Board and <br /> the public for review upon request from the Orange County Finance and Administrative <br /> Services Department. <br /> There will be a financial impact associated with approval of the financing. At current rates, <br /> preliminary estimates of maximum debt service applicable to the capital investment projects <br /> and equipment financing would require the highest debt service payment of$1,732,695 falling <br /> in FY 2016-17. The tax rate equivalent for the estimated highest debt service payment is <br /> approximately 1.06 cents. However, a portion of this debt financing is related to projects where <br /> the debt service payments will be paid for from Sportsplex and Solid Waste Enterprise funds, <br /> as well as a Water and Sewer project to be paid from the Article 46 quarter-cent Sales Tax <br /> proceeds earmarked for economic development. The General Fund portion of this annual debt <br /> service is estimated at $1.1 million, or a tax rate equivalent of approximately 0.67 cents. <br /> Based on current resources and the retirement of some existing debt, no adjustment to the tax <br /> rate associated with this financing is anticipated to occur during the period noted. Regarding <br /> the refinancing, it is estimated that the County will realize savings of approximately $451,788 <br /> over the life of the refinancing term. <br /> Commissioner Rich said she would like further discussion about where the Article 46 <br /> quarter-cent Sales Tax proceeds are going, noting that all of it seems to be going to the water <br /> and sewer projects in the County. <br /> Paul Laughton said 60 percent ($800,000) is set aside for debt service, leaving 40 <br /> percent of the Economic Development funds available. <br /> Commissioner Rich asked the Chair if the discussion regarding the Article 46 quarter- <br /> cent Sales Tax proceeds and how they are used could be furthered at another meeting. <br /> Chair McKee said he thought this would be possible during the budget discussions and <br /> if not, certainly in the early meetings of September. <br /> Commissioner Dorosin said the numbers from November 2014 are different than those <br /> in this evening's abstract, specifically regarding the Eubanks SWCC. <br /> Paul Laughton said there have been on-going changes, looking at the re-design of the <br /> road entry and moving the scale house. He said this has increased the cost of the upfitting of <br /> the Eubanks SWCC. He said the current estimate for this project is $3.175 million. He said <br /> there was $3 million financed for Convenience Centers a few years ago. He said Walnut <br /> Grove SWCC was completed for approximately $1.3 million, leaving $1.7 million for the <br /> Eubanks Road SWCC. He said the other main differences in numbers relate to the Southern <br /> Human Services Center expansion and to IT and the central permitting project. <br /> Commissioner Dorosin asked if the Board proceeds tonight is there any flexibility in the <br /> future. He said the challenge for him is there seemed to be a disconnect between items being <br /> discussed in the abstract and the time for their approval. He said there should be <br /> opportunities to discuss items again in case changes have occurred in the meantime. <br /> Bonnie Hammersley said a vertical look at the CIP would be helpful. She said she will <br /> do a better job of informing them of any changes as they occur in between meetings. <br /> Bob Jessup, Bond Counsel, said when the financing process is complete, the Board will <br /> have a list of projects in estimated amounts. He said the Board cannot use the funding for <br /> anything outside of this list. He added that the Board can move the funding between the <br /> projects on the list, or reallocate funds to other projects on the list. <br /> Commissioner Jacobs said Gayle Wilson sent the Board an email about the Eubanks <br /> SWCC. He added that the Solid Waste Advisory Board (SWAB) had also sent an email <br />