Orange County NC Website
Browse       Search
3 <br /> Attachment 1 <br /> Orange County, North Carolina -- Notice of Public Hearing <br /> Refinancing of Various Existing County Financing Obligations <br /> The Board of Commissioners of Orange County, North Carolina, will hold a public <br /> hearing on Tuesday, September 17, 2019, at 7:00 p.m. (or as soon thereafter as the <br /> matter may be heard). The purpose of the hearing is to take public comment <br /> concerning a proposed financing contract, under which the County would borrow an <br /> amount expected as not exceed $24,000,000 to refinance existing financing <br /> obligations and to pay related financing costs. <br /> The hearing will be held in the Commissioners' usual meeting room in the County's <br /> Southern Human Services Center, 2501 Homestead Road, Chapel Hill, North <br /> Carolina 27516. <br /> The refinancings are designed to provide savings to the County without extending <br /> the terms of the existing loans. The County expects the refinancings will be <br /> combined with a new County financing contract for additional public assets and <br /> improvements. <br /> The County will secure its obligation to repay its financing obligations by granting a <br /> mortgage-like lien on some or all of the property purchased, improved or refinanced <br /> under the combined new contract, as well as the County's promise to repay the <br /> financing. There will be no recourse against the County or any of its property (other <br /> than the pledged property), however, if the County were to default on the financing. <br /> The County expects that the collateral for the financing will include property in the <br /> County's planned "northern campus" off Highway 70 just north of Hillsborough <br /> (including the site of the planned new jail) and portions of the County's "southern <br /> campus" off Homestead Road in Chapel Hill, along with other properties that have <br /> been previously pledged to other related County financings. <br /> All interested persons will be heard. The County's plans are subject to change based <br /> on the comments received at the public hearing and the Board's subsequent <br /> discussion and consideration. The County's entering into the financing is subject to <br /> obtaining approval from the North Carolina Local Government Commission. <br />