Orange County NC Website
Browse       Search
21 <br /> ➢ Conduct Public Hearing for Limited Obligation Bonds pursuant to NC Statute Section <br /> 160A-20 <br /> ➢ Obtain Board Approval to Proceed with Filing Local Government Commission <br /> Application for Series 2020 Financing <br /> ➢ Funds our FY 2019-20 Capital Investment Plan through this Series 2020 Limited <br /> Obligation Bonds are secured by a Deed of Trust, with a security interest in the Northern <br /> Campus and a portion of the Southern Campus <br /> ➢ The Series 2020 Limited Obligation Bonds will fund various County projects including: <br /> - Vehicles and Equipment (5-8 Years useful life): $717,228 <br /> - County Facilities (up to 20 years useful life): $33.1 Million* <br /> - School Facilities (up to 20 years useful life): $8.6 Million <br /> Total: $42.3 Million <br /> * $29 Million represents remaining amount for Northern Campus construction <br /> Projects to be Financed (chart) <br /> Key Financinq Terms <br /> ➢ Security Pledge- County assets and annual County appropriations <br /> ➢ Maturity Term- 5- 20 Year maturities matches the useful life of the assets <br /> ➢ Estimated Interest Rates- up to 3% subject to market conditions <br /> ➢ Maximum Annual Debt Service not exceeding $4.2 Million (FY 2021-22) <br /> ➢ Source of Repayment- Property Tax, Solid Waste Fees and Sportsplex Fees <br /> ➢ Limited Obligation Bonds are Subordinate Lien to AAA General Obligation Bonds <br /> ➢ Anticipated Limited Obligation Bonds- AA1/AA+/AA+ from Moody's, Standard & Poor's <br /> and Fitch Ratings <br /> Key Debt Model Metrics (chart) <br /> Financinq Schedule (chart) <br /> Commissioner Marcoplos asked if schools' "other various projects" line is determined <br /> the same way as the fiscal year budget; as collaboration between the school and County <br /> prioritizing projects. <br /> Gary Donaldson said yes. <br /> Commissioner Marcoplos asked if any specific projects are interesting. <br /> Gary Donaldson said no, there are projects across all facilities, and it will be a matter of <br /> prioritizing the major needs. He said the amounts they are ready to finance may be slightly <br /> lower when staff returns to the BOCC, due to projects not being ready to move forward. <br /> Commissioner Price asked if there is a difference between improvements to older <br /> schools and other various projects. <br /> Gary Donaldson said that is the designation that the schools have for looking at older <br /> facilities that require more capital needs. He said it distinguishes between the older and the <br /> newer schools. <br /> Commissioner Price asked if the projects will be clearer, by April, what some of the <br /> various projects would be. <br /> Gary Donaldson said yes. <br /> Commissioner Price said she does not need to know every single dollar, but would like <br /> to know the difference between recurring capital, improving older facilities, and other various <br /> projects. <br /> Gary Donaldson said staff will have further specifics in the coming weeks. <br />