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Conduct a public hearing - On May 14, 2007, the department held a public hearing <br />regarding the purchase. The Department advertised the hearing in the News of Orange <br />(Attachment 2 of this abstract). Per the Attachment 3 of this abstract, no residents were <br />present at the hearing and the Department did not receive any written comments from <br />residents of the district. <br />Obtain approval of the "applicable elected representatives" - In accordance with <br />Section 147, the Board of .County Commissioners must approve the District's plan to <br />enter into the debt arrangement. This approval does not create liability on the part of <br />Orange County nor does it make the County responsible for the repayment of any debt <br />assumed by the fire district. The approval provides a mechanism for the Commissioners <br />to acknowledge that, through this financing arrangement, Efland Volunteer Fire <br />Company, Inc. is pledging use of the District's tax dollars to repay the loan. In order to <br />comply with this IRS requirement, the Chair of the Commissioners must sign the Fire <br />Service Agreement (Attachment 4) and Certificate of Approval (Attachment 5). <br />FINANCIAL IMPACT: The department's major revenues consist of County fire district taxes <br />and the district's investments .earnings. According to June 30, 2006 financial, statements, the <br />district received about $188,715 from those two sources. The department had about $300,130 <br />in its bank accounts as of June 30, 2006, which included checking, savings, and certificates of <br />deposits. As indicated earlier, the department plans to spend $60,000 out of its bank accounts <br />to make the down payment on the truck leaving about $240,130 in its bank accounts. Funds <br />remaining in the Department's bank accounts would serve as a reserve that would potentially be <br />used to cover unanticipated major expenses such as repairs or replacements of other older <br />equipment. <br />RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners: <br />1. Approve Efland Volunteer Fire Company, Inc.'s purchase of a fire truck; <br />2. Appropriate $40,000 from the department's unappropriated fund balance; and <br />3. Authorize the Board of Commissioner Chair to sign the appropriate documents related to <br />the financing arrangement. <br />