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2 <br /> The Bonds will be publicly offered by George K. Baum & Company in October. The Carolina <br /> Friends School will promise to repay the principal, premium, if any, and interest on the Bonds. <br /> Neither PFA nor Orange County has any liability for the payment of principal or interest on the <br /> Bonds. The Carolina Friends School will be solely responsible for repayment of the Bonds. <br /> The Bonds shall not be deemed to constitute a debt of the County or a pledge of the faith and <br /> credit of the County, but shall be payable solely by The Carolina Friends School from the <br /> revenues and other funds provided therefor. <br /> The County will have no responsibility for the Bonds or the payment or repayment of the Bonds. <br /> The Bonds will not affect the County's debt ratios or legal debt limit. Because no taxes or other <br /> revenues of the County are pledged to pay these bonds, the staff of the County has made no <br /> financial analysis of the Bonds, The Carolina Friends School, or the Project. <br /> The Carolina Friends School is a private school whose main campus is located at 4809 Friends <br /> School Road in Orange County. The Project will be located at this campus. It enrolls over 510 <br /> students. Neither the State of North Carolina nor Orange County provides revenue to The <br /> Carolina Friends School. Private tuition and donations fund its operations and facilities. <br /> The notice of public hearing (attached) was published in the Herald Sun on August 29, 2016 as <br /> required by law. The resolution to be adopted by the BOCC, together with a sampling of other <br /> PFA projects in North Carolina, is also attached. <br /> FINANCIAL IMPACT: There is no financial impact associated with this item. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact <br /> associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1. Open the public hearing on the proposed issuance of Bonds to be issued by the Public <br /> Finance Authority in an amount not to exceed $6,500,000; <br /> 2. Receive public comments; <br /> 3. Close the public hearing; and <br /> 4. At the conclusion of the public hearing, the Board of Commissioners adopt the attached <br /> resolution which finds: <br /> a. That the $6,500,000 in Education Revenue Bonds do not constitute a debt of the <br /> County; nor require a tax levy nor a pledge of the faith and credit of the County; <br /> nor will affect the County's debt ratios or legal debt limit; and, <br /> b. That the County has made no financial analysis of the Bonds or of the Borrower of <br /> the Project; and <br /> c. The County approves, solely for the purpose of assisting The Carolina Friends <br /> School to meet the requirements of the Internal Revenue Code of 1986, as <br /> amended, and Wisconsin law, the issuance of not to exceed $6,500,000 in <br /> Education Revenue Bonds to be issued by the Public Finance Authority for the <br /> benefit of The Carolina Friends School. <br />