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Agenda - 09-19-2017 - 5-a - Public Hearing on Refinancing Existing Loan Obligations
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Agenda - 09-19-2017 - 5-a - Public Hearing on Refinancing Existing Loan Obligations
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9/14/2017 4:29:48 PM
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BOCC
Date
9/19/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5a
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2 <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 /> 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 /> Bonds Refunded Original Current Market <br /> Interest Rates Interest Rates <br /> 2006 Installment Financing 2.13% 1.43% <br /> 2011 Limited Obligation Bonds 5.00% 1.75% <br /> 2012 Limited Obligation Bonds 3.25%-5.00% 2.43% <br /> 2013 Installment Financing Draw 2 2.13% 1.73% <br /> 2016 Installment Financing Draw 1 2.30% 1.41% <br /> 2016 Installment Financing Draw 2 2.55% 2.10% <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact in proceeding with the refinancing. A preliminary estimate of the net present <br /> value savings through final loan maturity is $2.4 million based on current market estimates as of <br /> August 30, 2017. The net present value savings represents 5.7% of the refunded bonds. <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 <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> RECOMMENDATION(S): The Manager recommends that the Board conduct the public hearing <br /> and adopt the resolution supporting the application to the Local Government Commission for <br /> approval of the refinancing. <br />
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