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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 3, 2019 <br /> Action Agenda <br /> Item No. 5-b <br /> SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Copy of Public Hearing Gary Donaldson, (919) 245-2453 <br /> Notice Paul Laughton, (919) 245-2152 <br /> Attachment 2. Resolution Supporting Robert Jessup, (919) 933-9891 <br /> LGC Application <br /> Attachment 3. PowerPoint <br /> PURPOSE: To conduct a public hearing on the issuance of approximately $25,600,540 to <br /> finance capital investment projects and equipment for the fiscal year; and approve a related <br /> resolution supporting the County's application to the Local Government Commission (LGC) for <br /> its approval of the financing arrangements. The financing and transaction costs are included in <br /> the borrowing amount. <br /> BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> investment projects, vehicles and equipment will be approximately $25,600,540 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). <br /> The notice of public hearing was advertised in The Herald Sun on August 18, 2019 and the <br /> News of Orange on August 21, 2019. <br /> After conducting the public hearing and receiving public input, the Board will consider the <br /> adoption of the resolution (Attachment 2). The 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 with 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 /> October 1, 2019 meeting. Under the current schedule, County staff expects to set the final <br /> interest rates and close by the first week in November. <br />