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31 <br /> <br />The Budget Amendment will allow the County to proceed with a General Obligation Bond sale 1 <br />and closing. The original CHCCS School GO bond issuances included three tranches of bonds 2 <br />every other year for CHCCS in the amount of $24 million with the last issuance in FY 2021-22. 3 <br />This Budget Amendment allows the County to advance those bond issuances, and there will 4 <br />only be $2.7 million of remaining CHCCS School Bonds to be issued in FY 2021-22. 5 <br /> 6 <br />A motion was made by Commissioner Jacobs, seconded by Commissioner Rich for the 7 <br />Board to approve the attached GO Bond resolution and related Budget Amendment #9-A for 8 <br />Chapel Hill High School for the following purposes: 9 <br />1) Formally authorize the sale of $64,400,000 in school bonds; 10 <br />2) Formally pledge the County’s taxing power to provide for payment on the bonds; 11 <br />3) Approve the proposed form of the bonds; 12 <br />4) Approve the form of the draft official statement for use in offering bonds to investors; 13 <br />5) State the County’s agreement to comply with the relevant provisions of federal tax law 14 <br />and the federal rules for continuing disclosure to the securities markets; and 15 <br />6) Authorize County staff to complete the process of issuing the bonds and authorizing 16 <br />the final principal payment schedule. 17 <br /> 18 <br />VOTE: UNANIMOUS 19 <br /> 20 <br />c. Limited Obligation Series 2018 Bonds 21 <br />The Board considered voting to adopt a resolution for the issuance of Series 2018 22 <br />Limited Obligation Bonds (LOBS) with a not to exceed amount of $8.8 million to support the 23 <br />County’s FY 2017-18 Capital Investment Plan (CIP). The financing resolution: 24 <br />1) gives final approval to allow the financing to proceed; 25 <br />2) approves the form of the official statement; 26 <br />3) states the County's commitment to comply with federal tax and securities laws; and 27 <br />4) authorizes staff to complete the financing. 28 <br /> 29 <br />Gary Donaldson reviewed the information below: 30 <br />BACKGROUND: 31 <br />Pursuant to North Carolina General Statute 160A-20, the County seeks to issue approximately 32 <br />$8.1 million in Series 2018 Limited Obligation Bonds. 33 <br /> 34 <br />The County conducted a public hearing at its May 15, 2018 Board of County Commissioners 35 <br />(BOCC) meeting and received approval from the BOCC to proceed with the financing. The 36 <br />notice of public hearing was advertised in The Herald Sun and The News of Orange. 37 <br /> 38 <br />If the Board adopts the resolution, the County plans to close on this financing on June 19, 2018. 39 <br />Key terms of the financing include: 40 <br />1) Issuing approximately $8.1 million to finance capital investment projects, equipment and 41 <br />vehicles for the current fiscal year; 42 <br />2) Estimate of maximum debt service applicable to these CIP projects would require the 43 <br />highest debt service of $1.2 million in FY 2019-20; and 44 <br />3) The tax rate equivalent for the estimated highest debt service is approximately .67 cents 45 <br /> 46 <br />A motion was made by Commissioner Burroughs, seconded by Commissioner Rich for 47 <br />the Board to approve the attached financing resolution which gives: 48 <br />1) final approval to allow the financing to proceed; 49 <br />2) approves the form of the official statement; 50