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31 <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 />A motion was made by Commissioner Jacobs, seconded by Commissioner Rich for the <br />Board to approve the attached GO Bond resolution and related Budget Amendment #9-A for <br />Chapel Hill High 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 />VOTE: UNANIMOUS <br /> <br />c. Limited Obligation Series 2018 Bonds <br />The Board considered voting to adopt a resolution for the issuance of Series 2018 <br />Limited Obligation Bonds (LOBS) with a not to exceed amount of $8.8 million to support the <br />County’s FY 2017-18 Capital Investment Plan (CIP). The financing resolution: <br />1) gives final approval to allow the financing to proceed; <br />2) approves the form of the official statement; <br />3) states the County's commitment to comply with federal tax and securities laws; and <br />4) authorizes staff to complete the financing. <br /> <br />Gary Donaldson reviewed the information below: <br />BACKGROUND: <br />Pursuant to North Carolina General Statute 160A-20, the County seeks to issue approximately <br />$8.1 million in Series 2018 Limited Obligation Bonds. <br /> <br />The County conducted a public hearing at its May 15, 2018 Board of County Commissioners <br />(BOCC) meeting and received approval from the BOCC to proceed with the financing. The <br />notice of public hearing was advertised in The Herald Sun and The News of Orange. <br /> <br />If the Board adopts the resolution, the County plans to close on this financing on June 19, 2018. <br />Key terms of the financing include: <br />1) Issuing approximately $8.1 million to finance capital investment projects, equipment and <br />vehicles for the current fiscal year; <br />2) Estimate of maximum debt service applicable to these CIP projects would require the <br />highest debt service of $1.2 million in FY 2019-20; and <br />3) The tax rate equivalent for the estimated highest debt service is approximately .67 cents <br /> <br />A motion was made by Commissioner Burroughs, seconded by Commissioner Rich for <br />the Board to approve the attached financing resolution which gives: <br />1) final approval to allow the financing to proceed; <br />2) approves the form of the official statement;