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6 <br /> This the 19th day of September 2017. <br /> A motion was made by Commissioner McKee, seconded by Commissioner Price for the <br /> Board to approve the proclamation designating October as Disability Employment Awareness <br /> Month and authorize the Chair to sign the proclamation. <br /> VOTE: UNANIMOUS <br /> Commissioner Jacobs asked if the Manager would bring a report back to the Board on <br /> October 3rd regarding how Orange County is doing with employing disabled residents in its <br /> work force. <br /> 5. Public Hearings <br /> a. Public Hearing on Refinancing Existing Loan Obligations <br /> The Board considered conducting a public hearing on the issuance of up to $51 million <br /> to refinance existing installment financing to achieve an estimated $2.4 million in debt service <br /> savings; and approving a resolution supporting the County's application to the Local <br /> Government Commission (LGC) for approval of the refinancing plan. <br /> Gary Donaldson, Chief Financial Officer, reviewed the following information: <br /> BACKGROUND: <br /> The County and its financing team estimates that the total amount to be refinanced is an <br /> amount not to exceed $51 million in Limited Obligation Bonds. Although the Refinancing <br /> Summary (Attachment 3) currently identifies an amount of$41.9 million based on the current <br /> market, the difference between the $41.9 million amount in the Refinancing Summary and the <br /> Not to Exceed amount of$51 million in the Resolution is the financing's team effort to maintain <br /> flexibility in accommodating various bond pricing alternatives. The Not to Exceed amount <br /> provides sufficient pricing considerations to refinance the six loans that have been identified as <br /> potential refunding candidates in this negotiated financing. The County's financing team will <br /> work to secure the lowest cost of funds and to maximize the debt service savings associated <br /> with the refunding. <br /> If the Board adopts the resolution indicating its intent to continue with the refinancing plan, the <br /> Board will be asked to consider a resolution giving final approval to the refinancing plans at the <br /> October 3, 2017 BOCC meeting. A copy of the published notice of this hearing is in the <br /> abstract. <br /> North Carolina statutes require that the County conduct a public hearing on the proposed <br /> financing. After conducting the public hearing and receiving public input, the Board will <br /> consider the adoption of the resolution (Attachment 2). This resolution formally requests the <br /> required approval from the North Carolina Local Government Commission (LGC) for the <br /> County's refinancing. <br /> The refinancing of existing installment loan obligations is designed to provide savings to the <br /> County without extending the terms of the existing loans (Attachment 3). The proposed <br /> financing would be secured by a lien on some or all of the property purchased or improved <br /> through the loans that are being refinanced, as well as the County's promise to repay the <br />