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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 10, 2015 <br /> Action Agenda <br /> Item No. 1 <br /> SUBJECT: Additional Discussion Regarding a November 2016 Bond Referendum <br /> DEPARTMENT: County Manager, Finance and PUBLIC HEARING: (Y/N) No <br /> Administrative Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> A. Proposed Bond Schedule for a <br /> November 2016 Bond Bonnie Hammersley, 919-245-2300 <br /> Referendum Paul Laughton, 919-245-2152 <br /> B. Debt Profile, Debt Capacity and <br /> Affordability Information from <br /> Davenport and Company <br /> PURPOSE: To continue discussion regarding a November 2016 Bond Referendum. <br /> BACKGROUND: In several meetings during the past year, the Board of Commissioners has <br /> discussed the scheduling of a General Obligation Bond Referendum. A large part of the <br /> incentive for moving forward with a bond referendum is the repair, renovation, and upgrading of <br /> existing older school facilities. Both school systems completed facilities assessments reflecting <br /> needs totaling approximately $330 million. The scope of study for Chapel Hill-Carrboro City <br /> Schools included schools constructed prior to 1990, while the Orange County Schools study <br /> included all district buildings. <br /> At the Board of Commissioners January 30, 2015 Retreat, the Board directed staff to develop <br /> materials for Board consideration regarding the Board formally expressing its intent to schedule <br /> a November 2016 Bond Referendum (See Attachment A, Proposed Bond Schedule for a <br /> November 2016 Referendum), including a total bond package amount of approximately $125 <br /> million. The Board also directed staff to move forward with the development of a process for a <br /> November 2016 Bond Referendum similar to the process utilized during the County's 2001 <br /> Bond Referendum. <br /> At the March 3, 2015 Regular meeting, the Board discussed its intent to schedule a November <br /> 2016 Bond Referendum to address County and School capital needs; discussed the proposed <br /> creation of, structure, and charge for a proposed Capital Needs Advisory Task Force; and <br /> discussed the potential need for the services of a qualified facilitator for the Task Force. The <br /> Board subsequently requested additional information from staff and the two school systems for <br /> continued discussion at a future meeting. <br />