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6 <br /> 1 VOTE: UNANIMOUS <br /> 2 <br /> 3 Commissioner Jacobs asked if the Manager would bring a report back to the Board on <br /> 4 October 3rd regarding how Orange County is doing with employing disabled residents in its work <br /> 5 force. <br /> 6 <br /> 7 5. Public Hearings <br /> 8 <br /> 9 a. Public Hearing on Refinancing Existing Loan Obligations <br /> 10 The Board considered conducting a public hearing on the issuance of up to $51 million <br /> 11 to refinance existing installment financing to achieve an estimated $2.4 million in debt service <br /> 12 savings; and approving a resolution supporting the County's application to the Local <br /> 13 Government Commission (LGC) for approval of the refinancing plan. <br /> 14 Gary Donaldson, Chief Financial Officer, reviewed the following information: <br /> 15 <br /> 16 BACKGROUND: <br /> 17 The County and its financing team estimates that the total amount to be refinanced is an <br /> 18 amount not to exceed $51 million in Limited Obligation Bonds. Although the Refinancing <br /> 19 Summary (Attachment 3) currently identifies an amount of$41.9 million based on the current <br /> 20 market, the difference between the $41.9 million amount in the Refinancing Summary and the <br /> 21 Not to Exceed amount of$51 million in the Resolution is the financing's team effort to maintain <br /> 22 flexibility in accommodating various bond pricing alternatives. The Not to Exceed amount <br /> 23 provides sufficient pricing considerations to refinance the six loans that have been identified as <br /> 24 potential refunding candidates in this negotiated financing. The County's financing team will <br /> 25 work to secure the lowest cost of funds and to maximize the debt service savings associated <br /> 26 with the refunding. <br /> 27 <br /> 28 If the Board adopts the resolution indicating its intent to continue with the refinancing plan, the <br /> 29 Board will be asked to consider a resolution giving final approval to the refinancing plans at the <br /> 30 October 3, 2017 BOCC meeting. A copy of the published notice of this hearing is in the <br /> 31 abstract. <br /> 32 <br /> 33 North Carolina statutes require that the County conduct a public hearing on the proposed <br /> 34 financing. After conducting the public hearing and receiving public input, the Board will consider <br /> 35 the adoption of the resolution (Attachment 2). This resolution formally requests the required <br /> 36 approval from the North Carolina Local Government Commission (LGC) for the County's <br /> 37 refinancing. <br /> 38 <br /> 39 The refinancing of existing installment loan obligations is designed to provide savings to the <br /> 40 County without extending the terms of the existing loans (Attachment 3). The proposed <br /> 41 financing would be secured by a lien on some or all of the property purchased or improved <br /> 42 through the loans that are being refinanced, as well as the County's promise to repay the <br /> 43 financing. The County expects that the collateral for the financing will consist of some or all of <br /> 44 Morris Grove Elementary School, the County Justice Facility, Northside Elementary School, the <br /> 45 Orange County library building in Hillsborough, and the County's West Campus Office Building <br /> 46 located at 131 West Margaret Lane in Hillsborough. <br /> 47 <br /> 48 Bob Jessup, Bond Counsel, said there is a resolution before the BOCC to take the first <br /> 49 of two actions connected with this refinancing. He said the Local Government Commission <br /> 50 (LGC) wants a resolution from the Board expressing support for the application, and making <br />