Agenda - 11-21-2000-5a - Laserfiche WebLink

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ORANGE COUNTY _ BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 21, 2000 Action Agenda Item No. SUBJECT: Resolution on Oran e County High School Financing DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No ATTACHMENT(S):Financing Calendar Resolution Preliminary Official Statement . Installment Financing Contract Deed of Trust and Security Agreement Trust Agreement Contract of Purchase Lease Agreement Agency Agreement (all sent under separate cover) INFORMATION CONTACT: Ken Chavious, Finance Director, ext 2453 Bob Jessup, Bond Counsel, 960-4277 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider adapting a resolution providing for financing of the new high school in the Orange County School District. BACKGROUND: On June 6, 2000, the Board adopted a resolution that authorized staff to proceed with obtaining financing for a new high school in the Orange County Schaal District. Staff proposed to the Board that a public offering in the form of certificates of participation (COPS) be pursued as the financing mechanism, as recommended by the Local Government Commission. The resolution established June 29, 2000 as the date for the required public hearing on the high school financing. At the public hearing, the Board authorized staff to retain BB&T Capital Markets as underwriters and authorized the creation of anon-profit corporation, Orange County Public Facilities Company, for the issuance of the COPS. As approved by the County Commissioners and included in the 1997 bond referendum package, original funding for construction of the New Orange County High School totaled $25 million ($12.5 million in bonds plus $12.5 million in installment purchase proceeds). On June 6, 2000, at the request of the Orange County Board of Education and School Superintendent, the Commissioners increased the COPS amount by $1 million, from $12.5 million to $13.5 million. The School Board's reasons to increase the project budget included: • The original project budget was based on 1996 prices; • The core student capacity of the original plan allowed for 1,200 students; the .new high school plans were developed in accordance with Commissioner approved High School Construction Standards of 1,500; The original budget did not anticipate widening of Orange Grove Road and Grady Brown Road, lighting the athletic fields, installing a thermal ice storage system, and putting water and sewer lines in place.