Agenda - 09-19-2017 - 5-a - Public Hearing on Refinancing Existing Loan Obligations

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3 Attachment 1 s*h draft of August 30 Orange County, North Carolina -- Notice of Public Hearing Refinancing of Various Existing Obligations The Board of Commissioners of Orange County, North Carolina, will hold a public hearing on Tuesday, September 19, 2017, at 7:00 p.m. (or as soon thereafter as the matter may be heard). The purpose of the hearing is to take public comment concerning a proposed financing contract, under which the County would borrow an amount estimated as up to approximately $51,000,000 to refinance existing financing obligations and to pay related financing costs. The hearing will be held in the Commissioners' meeting room in the Southern Human Services Center, 2501 Homestead Road, Chapel Hill, North Carolina 27516. The refinancings are designed to provide savings to the County without extending the terms of the existing loans. The proposed financing would be secured by a lien on some or all of the property purchased or improved through the loans that are being refinanced, as well as the County's promise to repay the financing, but there would be no recourse against the County or its property (other than the pledged property) if there were a default on the financing. The County expects that the collateral for the financing will consist of some or all of Morris Grove Elementary School, the County Justice Facility, Northside Elementary School, the Orange County library building in Hillsborough, and the County's West Campus Office Building located at 131 West Margaret Lane in Hillsborough. All interested persons will be heard. The County's plans are subject to change based on the comments received at the public hearing and the Board's subsequent discussion and consideration. The County's entering into the financing is subject to obtaining approval from the North Carolina Local Government Commission. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Gary Donaldson, Orange County Finance Officer, Post Office Box 8181, Hillsborough, NC 27278 (telephone 919/245-2453, email gdonaldson @orangecountync.gov).