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<br />The CHCCS CMAR Agreement is similar to the County CMAR for the Sportsplex Fieldhouse. <br /> <br />The County and CHCCS have worked to develop a Financing Plan that meets the CHCCS Cash <br />flow requirements, County Debt Affordability, and Local Government Commission bond approval <br />requirements. <br /> <br />In accordance with the County Capital Investment Program and in advisement with the County’s <br />bond counsel and financial advisor, the County staff recommends that the County proceed with <br />the General Obligation Bond sale. <br /> <br />The actual interest rates on these bonds will be set when the Local Government Commission <br />takes competitive bids on June 26, 2018, and the bond closing is scheduled for July 12, 2018. <br /> <br />The Budget Amendment will allow the County to proceed with a General Obligation Bond sale <br />and closing. The original CHCCS School GO bond issuances included three tranches of bonds <br />every other year for CHCCS in the amount of $24 million with the last issuance in FY 2021-22. <br />This Budget Amendment allows the County to advance those bond issuances, and there will <br />only be $2.7 million of remaining CHCCS School Bonds to be issued in FY 2021-22. <br /> <br />FINANCIAL IMPACT: The amortization schedule is based on 18 Years Level Principal and 2 <br />Years Interest Only. The first year incremental tax rate to support the new debt service is 1.42 <br />cents as indicated in the FY 2018-19 Manager’s Recommended Budget. This Budget <br />Amendment #9-A provides for the issuance of $64.4 million in School General Obligation Bonds <br />and amends the following CHCCS Major Facility Renovations Capital Project Ordinance: <br /> <br /> CHCCS Major Facility Renovations Capital Project ($64,400,000) - Project # 53053 <br /> <br /> Revenues for this project: <br /> Current <br />FY 2017-18 <br />FY 2017-18 <br />Amendment <br />FY 2017-18 <br />Revised <br />Bond Proceeds $5,000,000 $64,400,000 $69,400,000 <br />Total Project Funding $5,000,000 $64,400,000 $69,400,000 <br /> <br /> <br /> Appropriated for this project: <br /> Current FY <br />2017-18 <br />FY 2017-18 <br />Amendment <br />FY 2017-18 <br />Revised <br />Lincoln Center $1,400,000 $0 $1,400,000 <br />Chapel Hill High School $3,600,000 $64,400,000 $68,000,000 <br />Total Costs $5,000,000 $64,400,000 $69,400,000 <br /> <br />SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br />this item: <br />• GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br />The creation and preservation of infrastructure, policies, programs and funding necessary <br />for residents to provide shelter, food, clothing and medical care for themselves and their <br />dependents. <br /> <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached GO <br />Bond resolution and related Budget Amendment #9-A for Chapel Hill High School. <br />2