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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 1, 2018 <br />Action Agenda <br />Item No. 5 -a <br />1 <br />SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br />DEPARTMENT: Finance and Administrative <br />Services <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Attachment 1. Copy of Public Hearing Gary Donaldson, (919) 245 -2453 <br />Notice Paul Laughton, (919) 245 -2152 <br />Attachment 2. Resolution Robert Jessup, (919) 933 -9891 <br />PURPOSE: To conduct a public hearing on the issuance of approximately $8,150,000 to finance <br />capital investment projects and equipment for the fiscal year; and approve a related resolution <br />supporting the County's application to the Local Government Commission (LGC) for its approval <br />of the financing arrangements. <br />BACKGROUND: County staff estimates that the total amount to be financed for capital <br />investment projects and equipment will be approximately $8,150,000. The financing and <br />transaction costs are included in the loan amount. <br />The North Carolina General Statutes require that the County conduct a public hearing on the <br />proposed financing. The notice of public hearing was advertised in The Herald Sun and the <br />News of Orange. A copy of the published notice is provided at Attachment 1. Since the actual <br />public advertisement, the project name for the Environmental Agricultural Center has been <br />changed to the Northern Campus site acquisition and an additional $60,000 has been added to <br />the 911 Center Improvements, these represent the only changes from the actual public <br />advertisement. <br />After conducting the public hearing and receiving public input, the Board will consider the <br />adoption of a resolution (Attachment 2). This resolution formally requests the required approval <br />from the North Carolina Local Government Commission (LGC) for the County's financing, and <br />makes certain finding of fact as required under the LGC's guidelines. County staff has been in <br />contact with the LGC staff, and staff expects no issues with receiving LGC approval. <br />If the Board adopts the resolution indicating its intent to continue with the financing plan, the <br />Board will be asked to consider a resolution giving final approval to the financing plans at its <br />June 5, 2018 meeting. Under the current schedule, County staff expects to set the final interest <br />rates and close on the financing by the end of June 2018. <br />