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20 <br /> 1 Commissioner Price asked if the BOCC must make a decision tonight, or can it just <br /> 2 close the public hearing. <br /> 3 Michael Harvey said staff has made a recommendation, but the BOCC can close the <br /> 4 hearing and take whichever action it sees fit. <br /> 5 <br /> 6 VOTE: UNANIMOUS <br /> 7 <br /> 8 Commissioner Greene said she would like more time to think about this topic, and <br /> 9 gather more information. She said she does not feel fully informed to vote this evening. <br /> 10 <br /> 11 A motion was made by Commissioner Greene, seconded by Commissioner Price to <br /> 12 defer this item to the April 7, 2020 Board of Commissioners' Business Meeting. <br /> 13 <br /> 14 VOTE: Ayes, 5; Nays, 1 (Commissioner Marcoplos) <br /> 15 <br /> 16 b. Public Hearinq on the Financing of Various Capital Investment Plan Protects <br /> 17 The Board conducted a public hearing on the issuance of approximately $45,500,000 to <br /> 18 finance capital investment projects and equipment for the fiscal year; and consider voting to <br /> 19 approve a related resolution supporting the County's application to the Local Government <br /> 20 Commission (LGC) for its approval of the financing arrangements. <br /> 21 Gary Donaldson, Chief Financial Officer, presented the information below: <br /> 22 <br /> 23 BACKGROUND: <br /> 24 County staff estimates that the total amount to be financed for capital investment projects and <br /> 25 equipment will be approximately $45,500,000. The statutes require that the County conduct a <br /> 26 public hearing on the proposed financing. A copy of the published notice of this hearing is <br /> 27 provided (Attachment 1). <br /> 28 <br /> 29 The notice of public hearing was advertised in The Herald Sun and the News of Orange. <br /> 30 <br /> 31 After conducting the public hearing and receiving public input, the Board may consider the <br /> 32 adoption of the resolution (Attachment 2). The resolution formally requests the required approval <br /> 33 from the North Carolina Local Government Commission (LGC) for the County's financing, and <br /> 34 makes certain finding of fact as required under the LGC's guidelines. County staff has been in <br /> 35 contact with the LGC staff, and staff expects no issues in receiving LGC approval. <br /> 36 <br /> 37 If the Board adopts the resolution indicating its intent to continue with the financing plan, the <br /> 38 Board will be asked to consider a resolution giving final approval to the financing plans at its April <br /> 39 7, 2020 meeting. Under the current schedule, County staff expects to set the final interest rates <br /> 40 and close by the end of April. <br /> 41 <br /> 42 FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be a <br /> 43 financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br /> 44 service applicable to the capital investment projects and equipment financing would require the <br /> 45 highest debt service payment of$4.2 million in FY 2021-22. The tax rate equivalent for the <br /> 46 estimated highest debt service payment is approximately $2.23 cents. <br /> 47 <br /> 48 Gary Donaldson made the following PowerPoint presentation: <br />