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2 <br /> Two-thirds bonds can be used for substantially all the purposes for which voter-approved bonds <br /> may be issued except to fund auditoriums, coliseums, stadiums, convention centers, art <br /> galleries, museums, historic properties, urban redevelopment, public transportation or cable <br /> television systems. <br /> After review of the County's CIP and in consultation with the County's financial advisor, County <br /> staff recommends that the County proceed to authorize and issue the two-thirds bonds for <br /> school renovations and facility improvements for both school systems, as well as the costs of <br /> issuance for the bonds. The bond proceeds would be allocated on the average daily <br /> membership for both school systems, with Chapel Hill-Carrboro City Schools (CHCCS) <br /> receiving approximately $3.5 million and Orange County Schools (OCS) receiving $2.4 million. <br /> Examples of school renovation and improvement projects include: Athletic Facilities, <br /> Classroom/Building improvements, Mechanical Systems, Roofing projects, and School <br /> Safety/Security improvements. Both school systems maintain flexibility in the process at this <br /> point, but some of the currently planned projects include: <br /> CHCCS <br /> Athletic Field Improvements at Chapel Hill High School <br /> Athletic Field Improvements at Carrboro High School <br /> Classroom Improvements in Science classrooms at Phillips Middle School <br /> Cooling Tower Replacement at Scroggs Elementary <br /> Cooling Tower Replacement at East Chapel Hill High School <br /> OCS <br /> Upgrade Science classrooms at Cedar Ridge High School <br /> Roofing Project at Central Elementary <br /> Roofing Project at New Hope Elementary <br /> School Safety Initiatives district-wide <br /> Food Service Facility Improvements at Grady A. Brown Elementary and Orange High <br /> School <br /> As noted above, the two-thirds bonds for schools are separate from the November 2016 bonds <br /> for schools. However, for time and cost efficiency, the financing plan will combine the issuance <br /> of the two-thirds bonds with the issuance of the first bonds authorized by the November 2016 <br /> referendum. That bond sale is planned for September 2017. <br /> FINANCIAL IMPACT: The projected debt service conforms to the County's debt policies, debt <br /> affordability analysis, and CIP prioritization. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this agenda item: <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary for <br /> residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> RECOMMENDATION(S): The Manager recommends that the Board open the public hearing, <br /> receive any comments from the public, close the public hearing, and adopt the bond order and <br /> resolution. <br />