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20 <br /> VOTE: UNANIMOUS <br /> Commissioner Greene said she would like more time to think about this topic, and <br /> gather more information. She said she does not feel fully informed to vote this evening. <br /> A motion was made by Commissioner Greene, seconded by Commissioner Price to <br /> defer this item to the April 7, 2020 Board of Commissioners' Business Meeting. <br /> VOTE: Ayes, 5; Nays, 1 (Commissioner Marcoplos) <br /> b. Public Hearing on the Financing of Various Capital Investment Plan Protects <br /> The Board conducted a public hearing on the issuance of approximately $45,500,000 to <br /> finance capital investment projects and equipment for the fiscal year; and consider voting to <br /> approve a related resolution supporting the County's application to the Local Government <br /> Commission (LGC) for its approval of the financing arrangements. <br /> Gary Donaldson, Chief Financial Officer, presented the information below: <br /> BACKGROUND: <br /> County staff estimates that the total amount to be financed for capital investment projects and <br /> equipment will be approximately $45,500,000. The statutes require that the County conduct a <br /> public hearing on the proposed financing. A copy of the published notice of this hearing is <br /> 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 approval <br /> from the North Carolina Local Government Commission (LGC) for the County's financing, and <br /> makes certain finding of fact as required under the LGC's guidelines. County staff has been in <br /> contact with the LGC staff, and staff expects no issues in receiving LGC 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 April <br /> 7, 2020 meeting. Under the current schedule, County staff expects to set the final interest rates <br /> and close by the end of April. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be a <br /> financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br /> service applicable to the capital investment projects and equipment financing would require the <br /> highest debt service payment of$4.2 million in FY 2021-22. The tax rate equivalent for the <br /> estimated highest debt service payment is approximately $2.23 cents. <br /> Gary Donaldson made the following PowerPoint presentation: <br /> Series 2020 Limited Obligation Bonds <br /> Spring Financing Resolution <br /> March 10, 2020 <br /> Purpose <br />