|
Attachment 4 ^
<br /> September 2015 Overview - Bond Referendum Discussion ORANGE COUNTY
<br /> NORTH CAROLINA
<br /> Overview September 2015 Summary of Cases 1 & 2
<br /> • On September 10, 2015,the County Board held a retreat to review
<br /> potential General Obligation Bond Referendum packages. 1 Case Description County CIP Only County CIP& $125 Million GO
<br /> $125 Million GO Referendum
<br /> Referendum
<br /> 2
<br /> 3 Assumptions
<br /> • During that meeting, Davenport presented a series of potential 4 Interest Rate 3.75%-4.50% 3.75%-4.50% n/a
<br /> cases which included: 5 Term 20 Years 20 Years n/a
<br /> 6 GO Amortization Level Principal Level Principal n/a
<br /> 7 Non-GO Debt Amortization Level Principal Level Principal n/a
<br /> - Case 1: Existing County CIP Only 8
<br /> 9 Debt Issued
<br /> - Case 2: Existing County CIP and $125 of Referendum Projects 10 FY 2016 $ 6,475,175 $ 6,475,175 $ -
<br /> 11 FY 2017 23,985,200 65,651,867 41,666,667
<br /> - Case 3: Existing County CIP and $130 of Referendum Projects 12 FY 2018 28,563,031 28,563,031 -
<br /> 13 FY 2019 3,967,500 45,634,167 41,666,667
<br /> - Case 4: Existing ount CIP and $135 of Referendum Projects 14 FY 2020 7,917,545 7,917,545
<br /> g y � 15 FY 2021 32,936,845 74,603,512 41,666,667
<br /> 16 Total Debt Issued $103,845,296 $228,845,296 $125,000,000
<br /> 17
<br /> 18 Total New Debt Service $148,909,738 $328,597,238 $179,687,500
<br /> ■ At the October 7, 2015 County Board meeting, the Board voted to 19
<br /> 20 Debt Ratios Policy
<br /> pursue a $125 million Bond Referendum for: 21 10 Year Payout(Worst Shown) N/A 73.6% 65.1% -8.4%
<br /> 22 Debt to Assessed Value(Worst Shown) 3.009/o 1.29/6 1.6% 0.5%
<br /> - School Projects - $120 Million 23 Debt Service toGF Revenues(2016-2023) 15.00%
<br /> 24 FY 2016 12.7% 12.7% 0.0%
<br /> 25 FY 2017 12.2% 12.2% 0.0%
<br /> - Affordable Housing Projects - $5 Million 26 FY 2018 12.9% 14.4% 1.5%
<br /> 27 FY 2019 13.1% 14.5% 1.4%
<br /> 28 FY 2020 12.4% 15.2% 2.8%
<br /> 29 FY 2021 11.9% 14.7% 2.7%
<br /> ■ As part of the presentation on September 10, 2015,the CIP 30 FY 2022 12.7% 16.6% 3.9%
<br /> 31 FY 2023 10.4% 14.2% 3.8%
<br /> funding case that included the $125 million referendum resulted 32
<br /> in the following: 34 FY2016valentImpact
<br /> 35 FY 2017 - - -
<br /> - A required tax equivalent increase of 4.92It in FY 2018 or a 36 FY2018 0.654 2.784 2.134
<br /> total of 7.47 between FY 2018 and 2022. 37 FY 2019 0.994 0.904 0
<br /> 38 FY 2020 1.454 1.45459
<br /> 4
<br /> 39 FY 2021 - - -
<br /> - While the County was projected to be in compliance in all cases 40 FY 2022 2.354 2.354
<br /> 41 Total 1.644 7.474 5.834
<br /> with its Debt Service to Assessed Value policy, the General Fund 42
<br /> Debt Service to General Fund Revenues exceed the policy in FY 43 One Time FY 2018 Tax Equivalent Impact 1.224 4.924 3.704
<br /> 2020 and 2022.
<br /> DAVENPORT&COMPANY
<br /> June 13,2017 Orange County, NC 15
<br />
|