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4 <br /> <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 /> <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 /> <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 /> <br />The refinancing of existing installment bond obligations is designed to provide savings to the <br />County without extending the terms of the existing loans (Attachment 3). The proposed <br />financing would be secured by a lien on some or all of the property purchased or improved <br />through the loans that are being refinanced, as well as the County’s promise to repay the <br />financing. <br /> <br />Gary Donaldson, Chief Financial Officer, made the following presentation: <br /> <br /> <br />FY 2019-20 Refinancing <br />Various Bond Obligations <br />Gary Donaldson, Chief Financial Officer <br />September 17, 2019 <br /> <br />Public Hearing Purpose <br /> <br /> Board Approval for FY 2019-20 Installment Purchase Financing as authorized under <br />Section 160A-20 of North Carolina General Statutes <br /> Not to exceed $24,000,000 in Bonds to refinance existing debt and achieve estimated <br />County savings of $649,464 through final maturity <br /> Approve Resolution supporting Limited Obligation Bond application to the Local <br />Government Commission <br /> <br />Refinancing Terms <br /> Security Pledge- Annual Appropriations and County collateral of Southern Campus, <br />Seymour Center and Northern Campus Site added to Master Deed of Trust <br /> No extension of Loan Maturities; Final Maturity June 1, 2030