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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 22, 2016 <br /> Action Agenda <br /> Item No. 5-a <br /> SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Copy of Public Hearing Gary Donaldson, (919) 245-2453 <br /> Notice Paul Laughton, (919) 245-2152 <br /> Attachment 2. Resolution Robert Jessup, (919) 933-9891 <br /> PURPOSE: To conduct a public hearing on the issuance of approximately $8,150,000 to <br /> finance capital investment projects and equipment for the fiscal year as approved in the 2015- <br /> 2015 Capital Investment Plan; and to approve a related resolution supporting the County's <br /> application to the Local Government Commission (LGC) for its approval of the financing <br /> arrangements. <br /> BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> investment projects and equipment will be approximately $8,150,000. The financing will include <br /> amounts to pay transaction costs. <br /> The statutes require that the County conduct a public hearing on the proposed financing. A <br /> copy of the published notice of this hearing is provided (Attachment 1). <br /> After conducting the public hearing and receiving public input, the Board will consider the <br /> adoption of the resolution (Attachment 2). This resolution formally requests the required <br /> approval from the North Carolina Local Government Commission (LGC) for the County's <br /> financing, and makes certain findings of fact as required under the LGC's guidelines. County <br /> staff has been in contact with the LGC staff, and staff expects no issues to receiving LGC <br /> approval. <br /> If the Board adopts the resolution indicating its intent to continue with the financing plan, the <br /> Board will be asked to consider a resolution giving final approval to the financing plans at its <br /> April 19, 2016 meeting. <br /> The general schedule for this process is as follows: <br /> • BOCC conducts public hearing and adopts resolution in support of financing and <br /> LGC approval — March 22 <br />