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14 <br /> ➢ The Series 2019A Limited Obligation Bonds will fund various County projects including: <br /> - Vehicles and Equipment (5-8 Years): $4.0 Million <br /> - County/School Facility Improvements: $11.7 Million <br /> - Land/ Easements: $0.4 Million <br /> - Total: $16.1 Million <br /> Key Financing Terms: <br /> ➢ Security Pledge- County collateral Government Services Annex, Government Services <br /> Link Center, District Attorney Building, Emergency Operations Center and the Northern <br /> Campus Site Land <br /> ➢ Maturity Term- 5- 20 Year maturities matches with the useful life of the assets <br /> ➢ Estimated Interest Rates- up to 4% subject to market conditions <br /> ➢ Maximum Annual Debt Service not exceeding $1.7 Million (FY 2020-21) <br /> ➢ Source of Repayment- Property Tax, Article 46 Sales Tax (for Hillsborough EDD Utility) <br /> and Solid Waste Fees (for Vehicles and Equipment) <br /> ➢ Subordinate Lien and Pledge to General Obligation Bonds <br /> ➢ Rating Affirmations-AA1/AA+/AA+ from Moody's, Standard & Poor's and Fitch Ratings <br /> Key Debt Model Metrics - graph <br /> Financing Schedule <br /> Bob Jessup, Bond Counsel, said the recommended action is to adopt the resolution. <br /> Commissioner Dorosin asked if it could be explained how this is limited versus general <br /> obligation if property tax is the source of repayment. <br /> Bob Jessup said there is a difference between the property tax being the expected <br /> source of the repayment and a limited obligation bond, and the County having made a legally <br /> enforceable promise to levy property taxes as may be necessary, which is what occurs in a <br /> general obligation bond. He said it is the expected source, but if a limited obligation bond is not <br /> paid, one cannot be forced to raise taxes as one theoretically could be when failing to pay a <br /> general obligation bond. <br /> Commissioner Dorosin said it is not pledging the taxing authority. <br /> Bob Jessup said yes. <br /> Commissioner Marcoplos asked if the "Rogers Road Community Center infrastructure" <br /> could be clarified. <br /> Gary Donaldson said it was part of the utility infrastructure connections for water and <br /> sewer. <br /> Chair Rich asked if solar panels will be put there. <br /> Travis Myren said not this budget year. <br /> A motion was made by Commissioner McKee, seconded by Commissioner Bedford for <br /> the Board to approve the resolution as presented authorizing the steps to proceed with the <br /> financing of the stated capital projects and equipment. <br /> VOTE: UNANIMOUS <br /> b. Interlocal Agreement with Towns of Chapel Hill and Carrboro Related to the <br /> Historic Rogers Road Area Private Sewer Service Lateral Connection Installations <br /> for Qualified Low-to-Moderate-Income (LMI) Homeowners — Cost Share <br />