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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 17, 2019 <br /> Action Agenda <br /> Item No. 5-a <br /> SUBJECT: Public Hearing on Refinancing Existing Bond Obligations <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Public Hearing Notice Gary Donaldson, (919) 245-2453 <br /> Attachment 2. Resolution Paul Laughton, (919) 245-2152 <br /> Attachment 3. Refinancing Summary Bob Jessup, (919) 933-9891 <br /> Attachment 4. PowerPoint <br /> PURPOSE: To conduct a public hearing on the issuance of up to $24 million to refinance <br /> existing debt to achieve debt service savings; and approve a related resolution supporting the <br /> County's application to the Local Government Commission (LGC) for approval of the refinancing <br /> plan. <br /> BACKGROUND: The County and its financing team estimates that the total amount to be <br /> refinanced is an amount Not to Exceed $24 million in Limited Obligation Bonds. Although the <br /> Refinancing Summary (Attachment 3) currently identifies a principal amount to be refinanced of <br /> $16.6 million, the actual amount to be refinanced is contingent on prevailing market conditions <br /> at the time of market pricing. The Not to Exceed amount provides sufficient pricing <br /> considerations and flexibility for the financing team as it works to secure the lowest interest <br /> costs and maximize debt service savings. <br /> If the Board adopts the resolution indicating its intent to continue with the refinancing plan, the <br /> Board will be asked to consider a resolution giving final approval to the refinancing plans at the <br /> October 1, 2019 BOCC meeting. A copy of the published notice of this hearing is provided as <br /> Attachment 1. <br /> North Carolina General Statutes require that the County conduct a public hearing on the <br /> proposed financing. After conducting the public hearing and receiving public input, the Board <br /> will consider the adoption of the resolution (Attachment 2). This resolution formally requests the <br /> required approval from the North Carolina Local Government Commission (LGC) for the <br /> County's refinancing. <br />