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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No V-A <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 18, 1994 <br /> SUBJECT: Resolution Authorizing the Filing of an Application for <br /> Installment Purchase of the New Chapel Hill-Carrboro <br /> Elementary School <br /> DEPARTMENT: Finance PUBLIC HEARING YES NO x <br /> ATTACHMENT(S) : INFORMATION CONTACT <br /> Resolution Ken Chavious, ext 2450 <br /> TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To consider adoption of a resolution indicating the County' s <br /> intent to file an application for the installment purchase of the new <br /> Chapel Hill-Carrboro City Schools' elementary school. <br /> BACKGROUND: At their regular meeting on September 20, 1994, the Board <br /> of Commissioners authorized staff to pursue installment purchase <br /> financing of the new Chapel Hill-Carrboro City Schools elementary <br /> school, to be constructed adjacent to McDougle Middle School. The <br /> Board authorized financing an amount up to the estimated project cost <br /> of the new school, which is $10,646,915. The Board also instructed the <br /> Manager to work with CHCCS to pursue a more advantageous financing <br /> plan, if available. School and County staffs have met and agreed that <br /> the best financing plan appears to be arranging for $9.6 million in <br /> installment contract financing, with the balance of the project to be <br /> funded with the $1.05 million already included in the 1994-95 CIP. <br /> This financing approach will enable the staff to investigate both <br /> Certificates of Participation (COPS) and private placement with a <br /> financial institution, and to select the more advantageous of these two <br /> financing arrangements. <br /> As part of their review of this financing arrangement, the Local <br /> Government Commission requires a procedural step involving the Board of <br /> County Commissioners' adoption of a "Resolution Authorizing the Filing <br /> of an Application for Approval of a Financing Agreement Authorized By <br /> North Carolina General Statute 160A-20. " The attached resolution will <br /> accomplish this requirement. <br /> RECOMMENDATION: The Manager recommends that the Board approve the <br /> resolution and authorize the Finance Officer to execute all documents <br /> and procedural steps related to the new school installment purchase <br /> application process. <br />