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30 <br /> <br />VOTE: UNANIMOUS 1 <br /> 2 <br />Bonnie Hammersley asked if the Board would move up item 7-b, upon the conclusion of 3 <br />items 6-b and c. 4 <br />The Board agreed by consensus. 5 <br /> 6 <br />b. General Obligation Bond Sale for Chapel Hill High School and Approval of Budget 7 <br />Amendment #9-A Related to the FY 2017-18 Capital Investment Plan 8 <br />The Board considered voting to approve Budget Amendment #9-A related to the FY 9 <br />2017-18 Capital Investment Plan and adopt the attached General Obligation (GO) bond 10 <br />resolution for Chapel Hill High School for the following purposes: 11 <br />1) Formally authorize the sale of $64,400,000 in school bonds; 12 <br />2) Formally pledge the County’s taxing power to provide for payment on the bonds; 13 <br />3) Approve the proposed form of the bonds; 14 <br />4) Approve the form of the draft official statement for use in offering bonds to investors; 15 <br />5) State the County’s agreement to comply with the relevant provisions of federal tax law 16 <br />and the federal rules for continuing disclosure to the securities markets; and 17 <br />6) Authorize County staff to complete the process of issuing the bonds and authorizing 18 <br />the final principal payment schedule. 19 <br /> 20 <br />Gary Donaldson, Chief Financial Officer, reviewed the information below: 21 <br /> 22 <br />BACKGROUND: 23 <br />On November 8, 2016 voters approved $120 million in School Bonds of which the CHCCS GO 24 <br />bond allocation is $72.1 million based on Average Daily Membership. 25 <br /> 26 <br />The current GO Bond Financing Plan includes the issuance of $64.4 million in School General 27 <br />Obligation Bonds for a scheduled June 26, 2018 Bond Sale to be administered by the Local 28 <br />Government Commission. The County issued $5 million in November 2017 for CHCCS of which 29 <br />$3.6 million was used for the Chapel Hill High School and $1.4 million for the Lincoln Center. 30 <br />The School GO bond funds earmarked for Chapel Hill High School is $68 million. 31 <br /> 32 <br />The Local Government Commission has approved the Financing Plan based on a Guaranteed 33 <br />Maximum Price/Construction Manager at Risk (CMAR) and satisfaction of key permitting 34 <br />requirements prior to the issuance of General Obligation Bonds. 35 <br /> 36 <br />The CHCCS CMAR Agreement is similar to the County CMAR for the Sportsplex Fieldhouse. 37 <br /> 38 <br />The County and CHCCS have worked to develop a Financing Plan that meets the CHCCS 39 <br />Cash flow requirements, County Debt Affordability, and Local Government Commission bond 40 <br />approval requirements. 41 <br /> 42 <br />In accordance with the County Capital Investment Program and in advisement with the County’s 43 <br />bond counsel and financial advisor, the County staff recommends that the County proceed with 44 <br />the General Obligation Bond sale. 45 <br /> 46 <br />The actual interest rates on these bonds will be set when the Local Government Commission 47 <br />takes competitive bids on June 26, 2018, and the bond closing is scheduled for July 12, 2018. 48 <br /> 49