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7 <br /> financing. The County expects that the collateral for the financing will consist of some or all of <br /> Morris Grove Elementary School, the County Justice Facility, Northside Elementary School, the <br /> Orange County library building in Hillsborough, and the County's West Campus Office Building <br /> located at 131 West Margaret Lane in Hillsborough. <br /> Bob Jessup, Bond Counsel, said there is a resolution before the BOCC to take the first <br /> of two actions connected with this refinancing. He said the Local Government Commission <br /> (LGC) wants a resolution from the Board expressing support for the application, and making <br /> certain findings that support the LGC's own conclusion. He said this is relatively <br /> straightforward, and essentially the Board will be saying, "we're doing this because it will save <br /> us a lot of money". He said this evening, the Board will be asked to adopt the resolution in the <br /> form presented, and a final approval will be sought in mid-October. <br /> A motion was made by Commissioner Rich, seconded by Commissioner Jacobs to <br /> open the public hearing. <br /> VOTE: UNANIMOUS <br /> PUBLIC COMMENT <br /> None <br /> A motion was made by Commissioner Price, seconded by Commissioner Jacobs to <br /> close the public hearing. <br /> VOTE: UNANIMOUS <br /> Commissioner McKee said this is another in a series of refinancing efforts, which has <br /> resulted in many millions in savings. <br /> Commissioner Rich asked if there is a reason this item will come back in October. <br /> Bob Jessup said under the LGC guidelines, there needs to be a preliminary resolution <br /> in support of the application, followed by the approval of the more final terms and necessary <br /> documents to carry out the financing, in October. He said the approval in October must come <br /> after the LGC's approval. <br /> Commissioner Jacobs asked Gary Donaldson if the County could have considered <br /> budgeting for next year, or is this just found money. <br /> Gary Donaldson said these types of funds are not typically projected in an ongoing <br /> budget. <br /> Commissioner Jacobs said theoretically, this amount of money could go to deferring the <br /> amount of indebtedness that will exist upon the issuance of bonds this coming fiscal year, <br /> which therefore might reduce the possibility of a tax increase. <br /> Gary Donaldson said it will not be a material reduction, and will not be sufficient to <br /> offset the debt. <br /> A motion was made by Commissioner Price, seconded by Commissioner Rich for the <br /> Board to adopt the resolution (attachment 2) supporting the application to the Local <br /> Government Commission for approval of the refinancing. <br /> VOTE: UNANIMOUS <br />