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13 <br /> 1 Bonnie Hammersley recognized and commended the Budget office and staff for its <br /> 2 assistance. <br /> 3 Commissioner Dorosin said thanked Bonnie Hammersley, and all of the staff, for this <br /> 4 budget, and a thorough and detailed comprehensive strategy <br /> 5 Commissioner Dorosin said he is gratified to see some of the critical issues the Board <br /> 6 has discussed included in this budget, despite its lean nature. <br /> 7 <br /> 8 5. Public Hearings <br /> 9 None <br /> 10 <br /> 11 6. Regular Agenda <br /> 12 <br /> 13 a. Adoption of the Final Financing Resolution Authorizing the Issuance of <br /> 14 $16,950,000 in Installment Purchase Financing for Various Capital Investment <br /> 15 Plan Projects <br /> 16 The Board considered voting to adopt the final financing resolution authorizing the <br /> 17 issuance of approximately $16,950,000 in installment financing to finance capital investment <br /> 18 projects and equipment for the fiscal year, and including amounts to pay transaction costs. <br /> 19 <br /> 20 BACKGROUND: <br /> 21 At the March 19, 2019 meeting, the Board of County Commissioners received preliminary <br /> 22 information of capital projects and equipment financing for the year. At that meeting, the Board <br /> 23 made a preliminary determination to finance costs of these projects and equipment by the use <br /> 24 of an installment financing, as authorized under Section 160A-20 of the North Carolina General <br /> 25 Statutes. The financing will also include amounts to pay transaction costs. <br /> 26 <br /> 27 The Statutes require that the County conduct a public hearing on the proposed financing and <br /> 28 refinancing contracts. The County conducted a public hearing at the March 19, 2019 meeting, <br /> 29 and adopted the resolution supporting the application to the Local Government Commission <br /> 30 (LGC) for approval of the financing. County staff has been in contact with the LGC staff, and <br /> 31 staff expects no issues with receiving LGC approval. <br /> 32 <br /> 33 If the Board adopts the final financial resolution authorizing final approval to the financing at <br /> 34 tonight's meeting, staff expects the LGC to approve the financing plan at the LGC's meeting on <br /> 35 May 7, 2019. Under the current schedule, staff expects to set the final interest rates and other <br /> 36 terms of the financing in April 2016, and to close on the financing the week of May 27th. It is <br /> 37 requested that the Board approve a financing amount not to exceed $16,950,000 and a <br /> 38 maximum interest rate of 4.00%. The 55-page Draft Preliminary Official Statement is available <br /> 39 upon request from the County's Finance and Administrative Services staff. <br /> 40 <br /> 41 FINANCIAL IMPACT: There will be a financial impact in proceeding with the financing. At <br /> 42 current rates, preliminary estimates of maximum debt service applicable to the capital <br /> 43 investment projects and equipment financing would require the highest debt service payment of <br /> 44 $1.7 Million in FY 2021. A portion of this debt financing is related to projects where the debt <br /> 45 service payments will be paid from Article 46 Sales Tax and Solid Waste Program Fees. <br /> 46 <br /> 47 Gary Donaldson made the following PowerPoint presentation: <br /> 48 <br /> 49 Series 2019A Limited Obligation Bonds <br /> 50 Final Financing Resolution <br />