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establishment. The entire process of creating the District can be completed as quickly as 60 days <br /> from publishing the notice of public hearing. By law, the Board of County Commissioners serves <br /> as the District's governing body.. The District would contract with OWASA to manage the <br /> provision of eater and suer services within the District. The Town of Carrboro would need to <br /> consent through resolution to including any portion of the District lying within Carrboro town <br /> limps as pat of the District. <br /> Debt financing would be used to extend service to the District's residents. District construction. <br /> costs would be funded by either a the District borrowing from private sources or b the three <br /> governments advancing funds to the District from borrowed funds or cash on land.. <br /> • Legally available methods for the District to borrow money on its own would include <br /> general obligation bonds (after approval by voters within the District), revenue bonds and <br /> installment financing. because of the limited asset base and cash-flow of the District, <br /> however, Chapel Hill, t arrboro, and Orange County in some combination) would likely <br /> be asked to commit mit to a "moral obligation" to provide funds to bridge any gaps in debt <br /> service payments. <br /> • If the three governments anal/ r OWASA advance finds to the District, the funding <br /> p artners would either a p a cash <br /> into a ce .tra. fun upfront for construction costs, pay <br /> vAASAA as requested., or c a combination of the two. Any partner could borrow its <br /> contribution, and the District's repayment obligation to the partner could bear interest.. <br /> The District would use some combination of several available revenue streams to repay the debt, <br /> whether to a third-party lender or back to the funding partners. The District could use its net <br /> operating revenues as the primary source of repayment.. The capital charges could be levied, such <br /> as development fees for currently open space. The District would have its own taxing authority <br /> (via a separate rate set by the County Commissioners should they choose to levy are additional. <br /> tax) and could levy special assessments, <br /> The Managers' will present this recommendation to their respective Boards independently for <br /> feedback and consideration in October at a regularly scheduled meeting.. If you have any <br /> questions in the meantime, please do not hesitate to contact us. <br />