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8 <br /> 1 which is the 5339 program. He said 5311 is very restrictive regarding how the equipment is <br /> 2 used, but these same restrictions do not exist under 5339. <br /> 3 <br /> 4 A motion was made by Commissioner Price, seconded by Commissioner Greene to <br /> 5 close the public hearing. <br /> 6 <br /> 7 VOTE: UNANIMOUS <br /> 8 <br /> 9 A motion was made by Commissioner Price, seconded by Commissioner Greene to <br /> 10 approve the Community Transportation Program Grant application for FY 2020 in the total <br /> 11 amount of$175,506 with a local match total of$26,326 to be provided when necessary; <br /> 12 approve and authorize the Chair to sign the Community Transportation Program Resolution <br /> 13 authorizing the applicant to enter into an agreement with the North Carolina Department of <br /> 14 Transportation (NCDOT) and the Local Share Certification for Funding form; and authorize the <br /> 15 Chair and the County Attorney to review and sign the 2019 Certifications and Assurances <br /> 16 documents. <br /> 17 <br /> 18 VOTE: UNANIMOUS <br /> 19 <br /> 20 c. Public Hearinq on the Financinq of Various Capital Investment Plan Protects <br /> 21 The Board considered holding a public hearing to approve the issuance of <br /> 22 approximately $25,985,000 to finance capital investment projects and equipment for the fiscal <br /> 23 year; and approve a related resolution supporting the County's application to the Local <br /> 24 Government Commission (LGC)for its approval of the financing arrangements. The financing <br /> 25 and transaction costs are included in the borrowing amount. <br /> 26 <br /> 27 Gary Donaldson, Chief Financial Officer, and Bob Jessup, Bond Counsel, presented <br /> 28 this item: <br /> 29 <br /> 30 BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> 31 investment projects, vehicles and equipment will be approximately $25,985,000 including <br /> 32 financing costs. <br /> 33 <br /> 34 The statutes require that the County conduct a public hearing on the proposed financing. A <br /> 35 copy of the published notice of this hearing is provided (Attachment 1). The notice of public <br /> 36 hearing was advertised in The Herald Sun and the News of Orange on March 3 and 6, 2019, <br /> 37 respectively. <br /> 38 <br /> 39 After conducting the public hearing and receiving public input, the Board will consider the <br /> 40 adoption of the resolution (Attachment 2). This resolution formally requests the required <br /> 41 approval from the North Carolina Local Government Commission (LGC) for the County's <br /> 42 financing, and makes certain finding of fact as required under the LGC's guidelines. County <br /> 43 staff has been in contact with the LGC staff, and staff expects no issues to receiving LGC <br /> 44 approval. <br /> 45 <br /> 46 If the Board adopts the resolution indicating its intent to continue with the financing plan, the <br /> 47 Board will be asked to consider a resolution giving final approval to the financing plans at its <br /> 48 May 2, 2019 meeting. Under the current schedule, County staff expects to set the final interest <br /> 49 rates and close by the end of May. <br /> 50 <br /> 51 Gary Donaldson made the following PowerPoint presentation: <br />