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23 <br /> 1 the project reserves, and how you will protect Orange County when the light rail project funds <br /> 2 are gone. <br /> 3 <br /> 4 We also would like to know more about operating and maintenance costs, and how much of our <br /> 5 transit taxes will be tied up to keep the trains running. That will help all of us understand how <br /> 6 much — if any money will be left over for buses, demand services and other services that are <br /> 7 needed in Northern Orange. <br /> 8 <br /> 9 Once we've heard from Davenport, our next question to you will be when can we expect you to <br /> 10 add services to Northern Orange. We don't mind paying transit taxes but we expect to see <br /> 11 services that work. <br /> 12 <br /> 13 Please retain Davenport so we can all be fully informed about the costs and risks of the light rail <br /> 14 project, and its impact on providing transit services to Northern Orange County <br /> 15 <br /> 16 Bonnie Hauser read the following comments: <br /> 17 1 am Bonnie Hauser and I am speaking on behalf of Schley Grange and Orange County Voice. <br /> 18 <br /> 19 We have been following the light rail project for years and are also concerned about the <br /> 20 escalating costs, and significant last minute changes. Your board will not have much time to <br /> 21 consider the implications of these changes on the county's finances. <br /> 22 <br /> 23 That's just one of the many reasons to retain Davenport and Company to evaluate the new <br /> 24 project plan when it comes out. Even if they discover that everything is fine, their fee is a small <br /> 25 price to pay for those assurances. <br /> 26 <br /> 27 For our new commissioners, in 2017, Davenport was the first to fully quantify the project <br /> 28 interest payments of over$800 million dollars payable until 2062. If GoTriangle's powerpoint <br /> 29 presentation is any indication, those numbers will go up. Also — Davenport helped everyone <br /> 30 understand the cash balances, which were unacceptable to your board. That's why private <br /> 31 investors were brought into the mix. Its now possible that GoTriangle will ask your board to <br /> 32 backstop costs that you couldn't afford in 2017. <br /> 33 <br /> 34 As others have said, it's important that Davenport look at the project costs, debt and <br /> 35 contingency and how that has changed since 2017. Even if you protect the $149.5 million <br /> 36 dollar cap (and we hope you do), Orange County as no protection over debt increases. <br /> 37 <br /> 38 There are also questions about operating costs and whether the transit taxes will be sufficient <br /> 39 to pay for them. Last summer the Herald Sun reported that GoTriangle was planning to borrow <br /> 40 money for operations — but we've not heard anything since. <br /> 41 <br /> 42 In 2017, the project cash flows were tight but Durham had healthy reserves. That may change <br /> 43 if Durham assumes hundreds of millions of dollars in additional costs. If the project gets into <br /> 44 trouble, what recourse will Orange County have? <br /> 45 <br /> 46 The saying goes "trust but verify". It would be great to learn that everything looks great— but <br /> 47 you will only know for sure if you retain Davenport to look at the finances. <br /> 48 <br /> 49 Thank you <br /> 50 <br />