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2 <br /> The Board further discussed this item at its April 21, 2015 meeting, and approved the <br /> scheduling of a November 2016 Bond Referendum to address School Capital needs. The <br /> Board also approved its intent for a bond package totaling approximately $125 million, and <br /> supported the concept of a Bond Education Committee. This Committee's composition, <br /> appointment process, and public outreach responsibilities would be discussed and decided on <br /> at a future meeting. <br /> At a work session on September 10, 2015, the Board continued its discussion and received a <br /> presentation on the fiscal impacts for various bond issue scenarios. <br /> This agenda item includes a proposed resolution by which the Board could make a preliminary <br /> determination as to bond purposes and amounts. This resolution would give direction to staff <br /> in discussing the County's plans with staff of the North Carolina Local Government <br /> Commission (LGC), which is a State agency that must approve substantially all County <br /> borrowings, and in preparing the remaining formal proceedings for Board action. <br /> After the adoption of this resolution, the Board could delete proposed purposes or reduce the <br /> amount of bonds proposed for any purpose, but could add a purpose or increase the amount of <br /> bonds proposed for any purpose only by re-starting the process with another resolution like <br /> that presented here. <br /> A motion to approve the resolution should specify the purposes and amounts of bonds to be <br /> authorized for purposes specified in the motion. When the Board has determined the amounts, <br /> staff will suggest a number for the tax-rate equivalent impact to be included in the motion for <br /> completion of the resolution. <br /> To summarize the procedure for calling the referendum— <br /> a) Board considers a resolution such as that presented, (i) to set maximum <br /> parameters of bond purposes and amounts, (ii) to make certain "findings of fact" required by the <br /> LGC application process, and (iii) to authorize staff to proceed with the LGC application process <br /> and the remaining formal steps for the bond issue. <br /> b) County staff will discuss the proposed bond program with the LGC staff and <br /> complete an application for LGC approval. <br /> c) Staff will present to the Board the proposed forms of the "Bond Orders", the short <br /> authorization proceedings required by law. The Bond Orders are first presented to a Board <br /> meeting for"introduction", with no formal vote on the Bond Orders required. <br /> d) Then there will be a required public hearing on the Bond Orders. <br /> e) After the public hearing (at the same meeting or a subsequent meeting), the Board <br /> will take a final vote on the Bond Orders, and on a separate resolution to put the questions <br /> before the voters. <br /> There will be a separate Bond Order and ballot question for each purpose for which bonds are <br /> proposed. Staff will schedule the remaining steps for completion prior to the Board's 2016 <br /> summer recess, as directed by the Board. <br />