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<br />ORD-2018-023 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br /> <br />ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 5, 2018 <br /> Action Agenda <br /> Item No. 6-b <br /> <br />SUBJECT: General Obligation Bond Sale for Chapel Hill High School and Approval of <br />Budget Amendment #9-A Related to the FY 2017-18 Capital Investment Plan <br /> <br />DEPARTMENT: Finance and Administrative <br /> Services <br /> <br /> <br /> <br />ATTACHMENT(S): INFORMATION CONTACT: <br />1. General Obligation Bond Sale <br />Resolution <br />2. November 20, 2017 BOCC Abstract <br />3. November 2, 2017 CHCCS Abstract <br />4. CHHS Key Dates <br /> <br /> Gary Donaldson, 919-245-2453 <br />Paul Laughton, 919-245-2152 <br />Bob Jessup, 919-933-9891 <br /> <br /> <br /> <br />PURPOSE: To approve Budget Amendment #9-A related to the FY 2017-18 Capital Investment <br />Plan and adopt the attached General Obligation (GO) bond resolution for Chapel Hill High <br />School for the following purposes: <br />1) Formally authorize the sale of $64,400,000 in school bonds; <br />2) Formally pledge the County’s taxing power to provide for payment on the bonds; <br />3) Approve the proposed form of the bonds; <br />4) Approve the form of the draft official statement for use in offering bonds to investors; <br />5) State the County’s agreement to comply with the relevant provisions of federal tax law <br />and the federal rules for continuing disclosure to the securities markets; and <br />6) Authorize County staff to complete the process of issuing the bonds and authorizing <br />the final principal payment schedule. <br /> <br />BACKGROUND: On November 8, 2016 voters approved $120 million in School Bonds of which <br />the CHCCS GO bond allocation is $72.1 million based on Average Daily Membership. <br /> <br />The current GO Bond Financing Plan includes the issuance of $64.4 million in School General <br />Obligation Bonds for a scheduled June 26, 2018 Bond Sale to be administered by the Local <br />Government Commission. The County issued $5 million in November 2017 for CHCCS of which <br />$3.6 million was used for the Chapel Hill High School and $1.4 million for the Lincoln Center. <br />The School GO bond funds earmarked for Chapel Hill High School is $68 million. <br /> <br />The Local Government Commission has approved the Financing Plan based on a Guaranteed <br />Maximum Price/Construction Manager at Risk (CMAR) and satisfaction of key permitting <br />requirements prior to the issuance of General Obligation Bonds. <br /> <br />1