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7 <br /> Commissioner Price asked if it was known how long the County would own Grady <br /> Brown. <br /> Gary Donaldson said 20 years, and after the financing is completed it will revert back to <br /> the Orange County Schools (OCS) system. <br /> Commissioner Rich referred to the Rogers Road easement acquisition project and <br /> asked if costs are going to be shared with their partners. <br /> Bonnie Hammersley said the County has agreed to be the fiduciary and will borrow all <br /> of the funds and then invoice the partners. <br /> FINANCIAL IMPACT: <br /> There is no financial impact related to this action. However, there will be a financial impact in <br /> proceeding with the financing. A preliminary estimate of maximum debt service applicable to <br /> the capital investment projects and equipment financing would require the highest debt service <br /> payment of$871,454 in FY 2016-17. The tax rate equivalent for the estimated highest debt <br /> service payment is approximately 1/2 cent. Based on current resources and the retirement of <br /> existing debt, no adjustment to the tax rate associated with this financing is anticipated to <br /> occur during the period noted. <br /> A motion was made by Commissioner Price, seconded by Commissioner Rich to close <br /> the public hearing. <br /> VOTE: UNANIMOUS <br /> A motion was made by Commissioner Jacobs, subject to further information about <br /> saving sales tax on the school projects, seconded by Commissioner Pelissier to adopt the <br /> resolution supporting the application to the Local Government Commission for approval of the <br /> financing and refinancing arrangements. <br /> VOTE: UNANIMOUS <br /> 6. Consent Agenda <br /> • Removal of Any Items from Consent Agenda <br /> None <br /> • Approval of Remaining Consent Agenda <br /> A motion was made by Commissioner Rich, seconded by Commissioner Burroughs to <br /> approve the remaining items on the Consent Agenda. <br /> VOTE: UNANIMOUS <br /> • Discussion and Approval of the Items Removed from the Consent Agenda <br /> a. Minutes <br /> The Board approved the minutes from February 16, 18 and 25, 2016 as submitted by the Clerk <br /> to the Board. <br /> b. Fiscal Year 2015-16 Budget Amendment#7 <br />