Orange County NC Website
Browse       Search
13 <br /> The next steps in the bond authorization process will be for the Board to hold a public hearing. <br /> The public hearing is currently scheduled for the April 19 Board meeting. Following the public <br /> hearing the Board will be asked to take final action to approve the Bond Orders, and then <br /> consider a resolution formally calling for the November bond referendum and approving the <br /> ballot questions. It should be noted that the Board established the maximum amounts of each <br /> bond order by resolution on October 6, 2015, and the Board cannot consider increasing the <br /> amounts of the bond orders as part of this process/action or as part of the proposed April 19th <br /> public hearing. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact if the referendum is approved. The tax rate equivalent for the estimated <br /> highest debt service payment is expected to range from 3.70 cents up to 5.83 cents per $100 <br /> of assessed valuation. The projected debt service conforms to the County's debt policies and <br /> debt affordability analysis, which was completed by the County's financial advisors. <br /> Bob Jessup, Bond Attorney, said he is here for the next set of formal steps for the <br /> bond. He said there will be two other occasions when he will come to the Board but tonight <br /> they are here to introduce the bond orders. <br /> Bob Jessup said statute requires that there be a first reading on the bond orders <br /> followed by a public hearing. <br /> Chair McKee asked if there could be clarification regarding the necessary motions. <br /> Bob Jessup said there must be a motion to introduce the two bond orders as <br /> presented, followed in the same motion, or a separate one, to adopt the resolution calling for <br /> the public hearing. <br /> Commissioner Price asked if typically two meetings are held: one in the southern part <br /> of the County and one in the northern part. <br /> Bob Jessup said legally one public hearing must occur, but two can occur; and it is at <br /> the Board's discretion. He said the tasks scheduled for the next meeting must be completed <br /> by the time the Board breaks for the summer. <br /> Donna Baker said the first meeting will take place on April 19th <br /> Commissioner Price said she would like to have a meeting at each end of the County <br /> with the one in the northern end on May 5th <br /> Bob Jessup said yes and to note this as such in notices. <br /> Commissioner Rich asked if the purpose this evening is to authorize the initiation of the <br /> bond financing. <br /> Bob Jessup said there will be no discussion of specific projects just the financial totals <br /> and their major assignment. He said specifics will come in two ways: <br /> • a list of projects for which the funds are needed <br /> • at the time of borrowing, after the referendum has passed, specific amounts will be <br /> allocated to specific projects as previously determined between the BOCC and the <br /> school boards, affordable housing partners, etc. <br /> Chair McKee said the following agenda item discusses a committee that will look at <br /> these specifics. <br /> Commissioner Rich asked if one committee will look at both school and affordable <br /> housing priorities. <br /> Chair McKee said that is open for discussion. <br /> Commissioner Jacobs said as a word of caution, the Board may want to vary from what <br /> was put in the bond sales package, and that should be discussed in consultation with schools <br />