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5 <br /> 1 ➢ Security Pledge- Annual Appropriations and County collateral of Southern Campus, <br /> 2 Seymour Center and Northern Campus Site added to Master Deed of Trust <br /> 3 ➢ No extension of Loan Maturities; Final Maturity June 1, 2030 <br /> 4 ➢ Net Present Value Savings- 3.9% which exceeds the County's 3% Policy <br /> 5 ➢ Source of Repayment- Property Taxes <br /> 6 ➢ Subordinate Lien to General Obligation Bonds <br /> 7 ➢ Current and Projected Ratings- Aa1/AA+/AA+ from Moody's, Standard & Poor's and <br /> 8 Fitch Ratings <br /> 9 ➢ LGC Approval required <br /> 10 <br /> 11 Interest Rate Savings (table) <br /> 12 <br /> 13 Five Refundinq Bond Opportunities (table) <br /> 14 <br /> 15 Financing Calendar <br /> 16 <br /> 17 Commissioner Bedford referred to the debit to the liability for the interest payable, and <br /> 18 asked if this saved money goes to a particular place in the budget. <br /> 19 Gary Donaldson said this money goes to the General Fund. <br /> 20 <br /> 21 A motion was made by Commissioner McKee, seconded by Commissioner McKee to <br /> 22 open the public hearing. <br /> 23 <br /> 24 VOTE: UNANIMOUS <br /> 25 <br /> 26 Public Comments: <br /> 27 NONE <br /> 28 <br /> 29 A motion was made by Commissioner Marcoplos, seconded by Commissioner Price to <br /> 30 close the Public Hearing. <br /> 31 <br /> 32 VOTE: UNANIMOUS <br /> 33 <br /> 34 Resolution supporting an application to the Local Government Commission for its <br /> 35 approval of a County financing agreement for the refinancing of existing loans <br /> 36 <br /> 37 WHEREAS— <br /> 38 <br /> 39 The County has determined that it can save money by refinancing some of its existing <br /> 40 installment contracts, general obligation bonds and other loans. The refinancings will save the <br /> 41 County money without extending the terms of the existing loans. <br /> 42 <br /> 43 The County desires to carry out this refinancing using a single new installment financing <br /> 44 contract, as authorized under Section 160A-20 of the North Carolina General Statutes. The <br /> 45 County expects the refinancings will be combined into a single County financing contract with <br /> 46 another County financing for new public assets and improvements. <br /> 47 <br /> 48 Under the guidelines of the North Carolina Local Government Commission, this <br /> 49 governing body must make certain findings of fact to support the County's application for the <br /> 50 LGC's approval of the County's financing arrangements. <br /> 51 <br />