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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: August 30, 2001 <br />' Action Agenda <br />Item No. 3 <br />SUBJECT: Discussion of School and County Capital Needs Not Included in November <br />2001 Bond <br />DEPARTMENT: County Manager/Budget PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Table -Needs Presented to Capital Needs <br />Advisory Task Force <br />INFORMATION CONTACT: <br />John Link or Rod Visser, ext 2300 <br />Donna Dean, ext 2151 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To discuss options for addressing various school and County capital needs that <br />will not be funded by November 2001 general obligation bands. <br />BACKGROUND: The first item on this August 30 work session agenda involves the Board's <br />making a number of decisions related to specific bond questions to be included on the <br />November 2001 ballot, and the amount of bond funding allocated to various capital projects. As <br />the Board has noted throughout the Capital Needs Advisory Task Force process, there will be <br />many school and County capital needs that cannot be addressed in full, or even in part, by <br />general obligation (GO) bonds. Those needs include, but are not limited to: <br />• School Renovation projects <br />• Durham Technical Community College Satellite Campus <br />• Justice Facilities <br />• Orange Enterprises <br />• Orange County Library <br />• Various Parks and Open Space projects <br />As a reference, the complete list of needs presented to, and evaluated by, the Capital Needs <br />Advisory Task Force in Spring 2001 is attached for the Board's review and discussion. <br />FINANCIAL IMPACT: If voters approve $75 million in GO bonds, and assuming those bonds <br />are sold in three consecutive annual sales of $25 million each, the BOCC will have the flexibility <br />to issue additional debt (through private placement loans, Certificates of Participation (COPs), <br />etc.) of roughly $5 - $7 million per year for the next four years to address capital needs not met <br />with GO bonds. Additional debt financing at those levels will allow the County to remain within <br />