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7 <br /> 1 highest debt service payment of $1.6 million in FY2017-18. The tax rate equivalent for the <br /> 2 estimated highest debt service payment is approximately .94 cents. Based on current financial <br /> 3 resources, no adjustment to the tax rate is associated with this financing. <br /> 4 <br /> 5 A motion was made by Commissioner McKee, seconded by Commissioner Burroughs to <br /> 6 open the public hearing. <br /> 7 <br /> 8 VOTE: UNANIMOUS <br /> 9 <br /> 10 Gary Donaldson reviewed the background information and the list of projects. <br /> 11 <br /> 12 PUBLIC COMMENT: <br /> 13 NONE <br /> 14 <br /> 15 A motion was made by Commissioner Jacobs, seconded by Commissioner Burroughs to <br /> 16 close the public hearing. <br /> 17 <br /> 18 VOTE: UNANIMOUS <br /> 19 <br /> 20 A motion was made by Commissioner Rich, seconded by Commissioner McKee to <br /> 21 adopt the resolution in Attachment 2 supporting the application to the Local Government <br /> 22 Commission for approval of the financing. <br /> 23 <br /> 24 Bob Jessup, Bond Counsel said this wording is sufficient. <br /> 25 <br /> 26 VOTE: UNANIMOUS <br /> 27 <br /> 28 Commissioner Rich asked if it is known when funds will be available from the towns for <br /> 29 the Rogers Road Sewer Improvements Project. <br /> 30 Gary Donaldson said December 1St <br /> 31 <br /> 32 6. Regular Agenda <br /> 33 <br /> 34 a. Interlocal Agreement with Town of Hillsborough Related to the Construction and <br /> 35 Operation of Water and Sewer Facilities in the Hillsborough Area Economic <br /> 36 Development Zone <br /> 37 The Board considered reviewing and approving an interlocal agreement with the Town <br /> 38 of Hillsborough that sets forth conditions of utility installation and operation with associated land <br /> 39 use consistency with prior cooperative planning efforts and authorize the Chair to sign. <br /> 40 <br /> 41 BACKGROUND: <br /> 42 Orange County and the Town of Hillsborough have been coordinating planning efforts around <br /> 43 the common interest land fringes of the Town of Hillsborough since 2002. These efforts led to <br /> 44 more formalized 2007 acceptance of an area `Strategic Growth Plan' and the pursuit of an <br /> 45 interlocal agreement that proposed additional implementation steps by both local governments. <br /> 46 This included joint land use plans and water and sewer boundary analysis and amendment. <br /> 47 <br /> 48 The majority of the implementation actions have been completed and the September 12, 2016 <br /> 49 Quarterly Public Hearing noted some further refinement of the earlier principals of the growth <br /> 50 plan — specifically, to reinforce the preservation of the economic development of areas near the <br />