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17 <br /> MEMORANDUM <br /> TO: Rod Visser <br /> Assistant County Manager <br /> FROM: Ken Chavious <br /> Finance Director <br /> DATE: August 31, 1994 <br /> SUBJECT: Installment Purchase Financing For Elementary School <br /> I have been in contact with the Local Government Commission <br /> (LGC) on the County's intent to pursue installment purchase <br /> financing for a new elementary school in the Chapel Hill <br /> Carrboro School District. The focal points of my discussions <br /> with the LGC consisted mainly of procedures and time frames <br /> for financing. In our past discussions we have talked about <br /> two financing mechanisms, COPS and Private Placement. The <br /> procedures required by the LGC for both mechanisms are <br /> similar. The major differences are that COPs could take two <br /> weeks to a month longer to receive funds and the issuance <br /> costs are significantly higher. <br /> In regard to the timetable for installment purchase <br /> financing, the entire process from beginning to closing and <br /> receipt of funds takes 60 to 90 days depending on the <br /> financing mechanism chosen. The following information <br /> provides a general overview of procedures and time <br /> requirements. <br /> Day 1-30 a. Preliminary conference with LGC to discuss <br /> project and financing. <br /> b. BOCC adopt resolution, formal approval to <br /> to proceed and direct staff to request <br /> financing proposals. <br /> c. Staff proceeds with RFP process. <br /> Day 30-60 a. Formal application for financing filed <br /> with LGC. Final decision on financing. <br /> b. Public hearing on financing, property <br /> conveyance <br /> c. Agreements between County and School <br /> District finalized. <br /> c. Preparation of Official Statement <br /> (Required only if COPS are chosen) <br /> d. Application considered by LGC. <br /> Day 60 Closing and Delivery <br /> For COPs Closing and Delivery add 2 weeks to <br /> a month. <br />