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6 <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 in their agenda packet. <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 LGC <br /> approval — March 22 <br /> • County staff reviews financing proposals from lenders and develops recommendation <br /> for Board approval — by end of March <br /> • County Board adopts resolution formally approving financing provider and the <br /> substantially-final financing documents —April 19 <br /> • LGC approves financing — May 3 <br /> • Closing on the financing —funds advanced to County— by mid-May <br /> The County's financing is proceeding as an installment financing under the authority of the <br /> North Carolina General Statutes. Under the statutes, an installment financing has to be <br /> secured by a lien on part or all of the property being acquired or improved through the <br /> financing. County staff recommended that the County use Grady Brown Elementary School as <br /> the collateral. Grady Brown is receiving two new roofs through the financing package. For the <br /> County to provide a lien on this school, the County must own the school. <br /> The Orange County Board of Education has approved the use of the school as collateral and <br /> the related transfer of that property to the County (the financing documents will provide for the <br /> return of the school upon the County's repayment of the financing). This is similar to <br /> arrangements the County has used previously, most recently with respect to financings related <br /> to the Orange County Schools District's Gravelly Hill Middle School and with Culbreth Middle <br /> School in Chapel Hill Carrboro City Schools. Ownership of Grady Brown will revert back to <br /> Orange County Schools upon final payment of the installment financing. <br /> Gary Donaldson reviewed all items on the financing list. <br /> Chair McKee asked if Gary Donaldson would expand on the issue of using Grady <br /> Brown Elementary School as collateral. <br /> Gary Donaldson did so. <br /> Commissioner Jacobs said the school system still owns Cedar Ridge, and said he <br /> understood the County to be the only one that is exempt from paying sales tax. He asked if <br /> this is so, perhaps ownership of Cedar Ridge should be transferred to the County to avoid <br /> sales tax being paid on these construction projects. <br /> Commissioner Jacobs said to review this going forward. <br />