Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 10, 2020 <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 Robert Jessup, (919) 933-9891 <br /> Attachment 3. Finance PowerPoint <br /> PURPOSE: To conduct a public hearing on the issuance of approximately $45,500,000 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 loan amount. <br /> BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> investment projects and equipment will be approximately $45,500,000. The statutes require that <br /> the County conduct a public hearing on the proposed financing. A copy of the published notice <br /> of this hearing is provided (Attachment 1). <br /> The notice of public hearing was advertised in The Herald Sun and the News of Orange. <br /> After conducting the public hearing and receiving public input, the Board may 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 in 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 /> April 7, 2020 meeting. Under the current schedule, County staff expects to set the final interest <br /> rates and close by the end of April. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br />