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7 <br /> If the Board adopts the resolution indicating its intent to continue with the financing plan, the <br /> Board will be asked to consider a resolution giving final approval to the financing plans at the <br /> June 6, 2017 BOCC meeting. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br /> service applicable to the capital investment projects and equipment financing would require the <br /> highest debt service payment of$1.6 million in FY2017-18. The tax rate equivalent for the <br /> estimated highest debt service payment is approximately .94 cents. Based on current financial <br /> resources, no adjustment to the tax rate is associated with this financing. <br /> A motion was made by Commissioner McKee, seconded by Commissioner Burroughs <br /> to open the public hearing. <br /> VOTE: UNANIMOUS <br /> Gary Donaldson reviewed the background information and the list of projects. <br /> PUBLIC COMMENT: <br /> NONE <br /> A motion was made by Commissioner Jacobs, seconded by Commissioner Burroughs <br /> to close the public hearing. <br /> VOTE: UNANIMOUS <br /> A motion was made by Commissioner Rich, seconded by Commissioner McKee to <br /> adopt the resolution in Attachment 2 supporting the application to the Local Government <br /> Commission for approval of the financing. <br /> Bob Jessup, Bond Counsel said this wording is sufficient. <br /> VOTE: UNANIMOUS <br /> Commissioner Rich asked if it is known when funds will be available from the towns for <br /> the Rogers Road Sewer Improvements Project. <br /> Gary Donaldson said December 1St <br /> 6. Regular Agenda <br /> a. Interlocal Agreement with Town of Hillsborough Related to the Construction and <br /> Operation of Water and Sewer Facilities in the Hillsborough Area Economic <br /> Development Zone <br /> The Board considered reviewing and approving an interlocal agreement with the Town <br /> of Hillsborough that sets forth conditions of utility installation and operation with associated <br /> land use consistency with prior cooperative planning efforts and authorize the Chair to sign. <br /> BACKGROUND: <br />