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