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7 <br /> 1 Commissioner Dorosin asked if this bond is separate from Orange County's <br /> 2 bond that will be on the ballot in November. <br /> 3 Jeff Poley said it is completely separate, and there are no legal or financial <br /> 4 obligations on the County. <br /> 5 <br /> 6 A motion was made by Commissioner Price, seconded by Commissioner Rich to <br /> 7 close the public hearing. <br /> 8 <br /> 9 VOTE: UNANIMOUS <br /> 10 <br /> 11 A motion was made by Commissioner Burroughs, seconded by Commissioner <br /> 12 Jacobs for the Board of Commissioners to adopt the attached resolution, which finds: <br /> 13 <br /> 14 a. That the $6,500,000 in Education Revenue Bonds do not constitute a debt of <br /> 15 the County; nor require a tax levy nor a pledge of the faith and credit of the <br /> 16 County; nor will affect the County's debt ratios or legal debt limit; and, <br /> 17 <br /> 18 b. That the County has made no financial analysis of the Bonds or of the <br /> 19 Borrower of the Project; and <br /> 20 <br /> 21 c. The County approves, solely for the purpose of assisting The Carolina Friends <br /> 22 School to meet the requirements of the Internal Revenue Code of 1986, as <br /> 23 amended, and Wisconsin law, the issuance of not to exceed $6,500,000 in <br /> 24 Education Revenue Bonds to be issued by the Public Finance Authority for the <br /> 25 benefit of The Carolina Friends School. <br /> 26 <br /> 27 VOTE: UNANIMOUS <br /> 28 <br /> 29 b. Public Hearing on the 2017 Reappraisal Proposed Schedules of Rules, <br /> 30 Standards and Values <br /> 31 The Board conducted a public hearing scheduled for this meeting on the 2017 <br /> 32 Reappraisal Proposed Schedules of Rules, Standards and Values. <br /> 33 Dwane Brinson, Orange County Tax Administrator, presented this item, which is <br /> 34 the second step in the adoption process of the 2017 Reappraisal Proposed Schedules <br /> 35 of Rules, Standards and Values. He referred to the blue sheet and outreach <br /> 36 information, which included social media, etc. on this issue. <br /> 37 <br /> 38 BACKGROUND: As required by North Carolina General Statutes (NCGS) 105-317, the <br /> 39 proposed Schedules of Values (SOV) to be used in conducting the 2017 reappraisal <br /> 40 were submitted to the Board of County Commissioners on September 6, 2016. At that <br /> 41 time, a public hearing was set for September 20, 2016, and notice was duly advertised <br /> 42 in the Durham Herald Sun, the News of Orange and the Chapel Hill News on <br /> 43 September 7, 2016. The proposed Schedules have been available for public inspection <br /> 44 in the Orange County Tax Office, Orange County Clerk to the Board's Office, and on <br /> 45 the Orange County Tax Office website (available at <br />