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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Gate ; December 11 , 2001 <br /> Action Ag on a <br /> item No . <br /> SUBJECT : Planning for Bcnd Sales and Alternative Gapital Financing . <br /> DEPARTMENT : County N1anagarlBudget/ PUBLIC HEARING : ( WN ) Ida <br /> ERCD <br /> ATTA HMENT ( ) : <br /> Table 1 — Potential Bond Schedule <br /> Table 2 Potential Alternative Financing INFORMATION CONTACT . <br /> Table 3 — Potential SchadLla ( Combined ) Rod Visser , ext 23Oo , I) or) ns Dean , e t <br /> Highiights of Proposed Timetables 21510, Dave Stancil , eA 2590 <br /> Graft Policy Statement — Use of County <br /> Funds for Pares /Open .Space Projects TELEPHONE NUMBERS . <br /> 1112 / 'l CH Town Council Agenda Itom Hillsborough 732 - 81 1 <br /> Draft - 2001 Bond Funds Application , Form Chapel Hill 9684501 <br /> Durham 688 - 73 1 <br /> Mebane 336627 -2031 <br /> PURPOSE . To receive a brief presentation about factory to be wnsidered in the timing of <br /> incurring debt through sale of bonds approved by Orange Co6nty voters in Novernber 2001 and <br /> through other � Itemative financing m hanisms . <br /> BACKGROUND : Daring the bond education process leading up to the Noviember g , 2001 <br /> bond referenda , the Board of ommissianers Indicated their intention to consider how the sale <br /> of the bonds might be spread over a period of several years to soften the impacts of higher tiro <br /> rates that would be needed to help pay for the debt , UpDn passage of the bonds , the Board <br /> ash:ed the Manager and staff to suggest a framework - balancing community needs with the <br /> ount ' s ourrent and future fiscal environments - that wouid outline some of the factors to be <br /> considered in timing the aa [ e of those bonds , and in using alternative financing for rerLiin , <br /> capital p rojects that were not slated to be addressed with bond funds . <br /> Proponents of all four major band categories schools , parks {open space , senior centers , and <br /> afford abIP, housing — are understandably ewer to proceed with many projects that uri11 be <br /> funded in full or in part from November 2001 bond proceeds . However , the BOCC has noted <br /> that because of competing dernandu in annual operating budgets for County general fund <br /> rescurces . band projects would need to be phased over a number of years to address the <br /> highest priorities tint . Staff have compiled ( and will briefly present at this meeting ) several <br /> tables of figures and lists of faatom that the Board may wish to consider as they discuss with <br /> bond partners ( municipalities , schools , non - profit agencies ) hoer and when bond and alternative <br /> funding projects can proceed , <br />