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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 2, 2006 <br />Action Agenda <br />Item No. ~'j <br />SUBJECT: Public Hearing and Resolutions for Alternative Financing for School and <br />County Capital Projects <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) Yes <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Resolutions Ken Chavious, (919)-245-2453 <br />Draft Financing Documents Bob Jessup, (919)-755-1800 <br />(under separate cover) <br />PURPOSE: To conduct a public hearing on the County's planned debt issuance using <br />alternative financing, and to adopt the related "Findings Resolution" and the resolution <br />approving the financing documents. <br />BACKGROUND: At the September 13, 2005 work session, the Board reviewed and approved <br />a revised schedule for the issuance of debt related to both School and County projects that <br />involved the pursuit of alternative financing. Bonds approved for 2005-06 issuance were sold in <br />August 2005.. The projects listed below and in the amounts cited on the attached resolution will <br />be included in the alternative financing in accordance with the BOCC~~endorsed debt issuance <br />schedule. The resolutions contain several blanks, which are to be filled in once the BOCC has <br />made final determinations at this March 2 meeting on the face amount of COPs to be issued for <br />each project,. <br />School Projects <br />Chapel Hill-Carrboro City Schools Renovations/Repair to Existing Facilities <br />Orange County Schools -Gravelly Hill Middle School <br />County Projects <br />Animal Services Planning <br />SportsPlex <br />Conservation Easements <br />Efland/Buckhorn Water and Sewer Improvements <br />Seymour Senior Center <br />Staff proposes to use Certificates of Participation (COPs) as the alternative financing <br />mechanism and will be pursuing an issuance date currently scheduled for April 26, 2006. <br />As is the case with other financings undertaken recently by the County, this debt issuance will <br />require the approval of the Local Government Commission (LGC).. The County's application will <br />be considered by the LGC on April, 4, 2006. BOCC action at this March 2 meeting is the initial <br />step in the LGC process and involves conducting a public hearing, the adoption of a resolution <br />