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2 The Board further discussed this item at its April 21, 2015 meeting, and approved the scheduling of a November 2016 Bond Referendum to address School Capital needs. The Board also approved its intent for a bond package totaling approximately $125 million, and supported the concept of a Bond Education Committee. This Committee's composition, appointment process, and public outreach responsibilities would be discussed and decided on at a future meeting. At a work session on September 10, 2015, the Board continued its discussion and received a presentation on the fiscal impacts for various bond issue scenarios. This agenda item includes a proposed resolution by which the Board could make a preliminary determination as to bond purposes and amounts. This resolution would give direction to staff in discussing the County's plans with staff of the North Carolina Local Government Commission (LGC), which is a State agency that must approve substantially all County borrowings, and in preparing the remaining formal proceedings for Board action. After the adoption of this resolution, the Board could delete proposed purposes or reduce the amount of bonds proposed for any purpose, but could add a purpose or increase the amount of bonds proposed for any purpose only by re- starting the process with another resolution like that presented here. A motion to approve the resolution should specify the purposes and amounts of bonds to be authorized for purposes specified in the motion. When the Board has determined the amounts, staff will suggest a number for the tax -rate equivalent impact to be included in the motion for completion of the resolution. To summarize the procedure for calling the referendum — a) Board considers a resolution such as that presented, (i) to set maximum parameters of bond purposes and amounts, (ii) to make certain "findings of fact" required by the LGC application process, and (iii) to authorize staff to proceed with the LGC application process and the remaining formal steps for the bond issue. b) County staff will discuss the proposed bond program with the LGC staff and complete an application for LGC approval. c) Staff will present to the Board the proposed forms of the "Bond Orders ", the short authorization proceedings required by law. The Bond Orders are first presented to a Board meeting for "introduction ", with no formal vote on the Bond Orders required. d) Then there will be a required public hearing on the Bond Orders. e) After the public hearing (at the same meeting or a subsequent meeting), the Board will take a final vote on the Bond Orders, and on a separate resolution to put the questions before the voters. There will be a separate Bond Order and ballot question for each purpose for which bonds are proposed. Staff will schedule the remaining steps for completion prior to the Board's 2016 summer recess, as directed by the Board.