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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 25, 2004 <br />Action Agenda <br />Item No. 3 <br />SUBJECT: Review of County's Debt Management and Capital Funding Policies <br />DEPARTMENT: Budget/Finance <br />PUBLIC HEARING: (YIN) No <br />ATTACHMENT (S): <br />1, October 25, 2004 Proposed Debt <br /> Issuance Schedule <br />2. May 5, 2004 BOCC Endorsed Debt <br /> Issuance Schedule <br />3, Debt Capacity Charts <br />4. Annual Debt Service Capacity <br /> Spreadsheet <br />5. Annual Debt Service Projections <br /> (Fiscal Years 2004-05 through <br /> 2013-14) <br />6, Orange County Debt Management <br /> Policy <br />7. Orange County Capital Funding <br /> Policy <br />8, Possible Projects to Fund with 2004 <br /> Two-Thirds Net Debt Reduction <br /> Bonds <br />9. Programmed Projects Coming On- <br /> Line <br />INFORMATION CONTACT: <br />Donna Dean, 919-245-2151 <br />Ken Chavious, 919-245-2453 <br />Robert Jessup, Bond Counsel <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To review priorities and timetables of major school and county capital projects <br />based on currently programmed debt funding, and to discuss identified unprogrammed, <br />unfunded school and county capital projects. <br />BACKGROUND: <br />Proposed Debt Issuance Schedule <br />On September 3, 2002, the Baard approved a debt issuance schedule that provided funding <br />of $112,7 million in capital financing for major school and County capital projects through <br />2006-07, That particular schedule included two components: 1) $75 million in general <br />obligation bonds that were approved by Orange County voters in November 2001; and 2) <br />$37.7 million in alternative financing that would be arranged through mechanisms such as <br />private placement loans or the issuance of Certificates of Participation (COPS). In <br />