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12 <br /> 1 Chair McKee asked John Roberts if this will this be the last opportunity to discuss these <br /> 2 projects. <br /> 3 John Roberts said no. He said bond topics are open for discussion. <br /> 4 Chair McKee asked if discussion about specific projects would be possible. <br /> 5 John Roberts said yes. <br /> 6 Chair McKee said he does not support an additional consultant as it will only create <br /> 7 angst, and there will be plenty of opportunities to discuss these projects going forward. <br /> 8 <br /> 9 A motion was made by Commissioner Price, seconded by Commissioner Jacobs to set <br /> 10 aside this item, and to use two upcoming BOCC meetings, one with facilities staff and one with <br /> 11 the joint boards, to discuss these projects in more detail, and not to hire a consultant. <br /> 12 <br /> 13 VOTE: UNANIMOUS <br /> 14 <br /> 15 b. Introduction of Bond Orders and Scheduling of Bond Order Public Hearing in <br /> 16 Preparation for Planned November 2016 Bond Referendum <br /> 17 The Board considered: <br /> 18 1) Introducing two bond orders which state the Board of County Commissioners <br /> 19 proposal to issue General Obligation Bonds to pay capital costs for providing school facilities <br /> 20 and for housing for persons with low and moderate income. <br /> 21 • The first bond order introduction authorizes the issuance of General Obligation Bonds in <br /> 22 an amount not to exceed $120 million to support school facilities. <br /> 23 • The second bond order introduction authorizes issuance of General Obligation Bonds in <br /> 24 an amount not to exceed $5 million for housing for persons with low and moderate <br /> 25 income. <br /> 26 2) Adopting a resolution authorizing a public hearing on each bond order for April 19, <br /> 27 2016 at 7pm at the County's Southern Human Services Center, 2501 Homestead Road, Chapel <br /> 28 Hill, NC. <br /> 29 <br /> 30 BACKGROUND: <br /> 31 The Board of County Commissioners adopted a resolution on October 6, 2015 for the County to <br /> 32 issue up to $120 million for Schools and up to $5 million for Affordable Housing. The Board <br /> 33 made a determination to proceed with a referendum on November 8, 2016 seeking voter <br /> 34 approval/authorization to issue County General Obligation Bonds in an amount not to exceed <br /> 35 $125 million. <br /> 36 <br /> 37 The next steps in the bond authorization process will be for the Board to hold a public hearing. <br /> 38 <br /> 39 The public hearing is currently scheduled for the April 19 Board meeting. Following the public <br /> 40 hearing the Board will be asked to take final action to approve the Bond Orders, and then <br /> 41 consider a resolution formally calling for the November bond referendum and approving the <br /> 42 ballot questions. It should be noted that the Board established the maximum amounts of each <br /> 43 bond order by resolution on October 6, 2015, and the Board cannot consider increasing the <br /> 44 amounts of the bond orders as part of this process/action or as part of the proposed April 19th <br /> 45 public hearing. <br /> 46 <br /> 47 FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> 48 a financial impact if the referendum is approved. The tax rate equivalent for the estimated <br /> 49 highest debt service payment is expected to range from 3.70 cents up to 5.83 cents per$100 of <br />