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31 <br /> Paul Laughton said most projects are ones that have gone out for debt financing, but <br /> some have not, because they are not ready. He said the projects are shown on the page in <br /> order to remind the board that they are ongoing projects. He said there is no new funding <br /> recommended in the next 10 years. <br /> Commissioner Bedford said she would like to know about those that have not yet been <br /> borrowed, or the balance that may remain. <br /> Paul Laughton said $293,000 was shifted from the Land Banking to the Affordable <br /> Housing in the first part of issuance of$2.5 million. He said the ones that have not been <br /> financed are covered in the debt model. <br /> Commissioner Bedford asked if it is anticipated that the county will borrow $2 million in <br /> the next five years. <br /> Paul Laughton said yes. <br /> Commissioner Bedford said it would be good for the housing group to know how much <br /> is still available. <br /> Chair Price said she thought the money for the projects was promised in prior funding <br /> years and could not be touched. <br /> Paul Laughton said it is available because the board did an appropriation towards it, so <br /> it is in a separate multi-year capital investment project. He said Housing has done some <br /> spending off of this, plus staff used $293,000 from the first year. He said there are monies still <br /> available that can be used when ready. He said staff would go out for financing when a project <br /> is ready, or has been done. <br /> Bonnie Hammersley said the funds are not used without board approval. She said if it is <br /> used for different purposes, the board has to approve it. <br /> Chair Price asked if there is less than $2 million available for land banking. <br /> Bonnie Hammersley said there is less. <br /> Chair Price said the document should indicate as such. <br /> Bonnie Hammersley said staff would work on that. <br /> Commissioner Hamilton asked how debt service is affected if the county does not <br /> borrow the funds that were budgeted. <br /> Paul Laughton said just because it is budgeted, and intended to be financed, the Local <br /> Government Commission (LGC) wants bids in hand or construction that has started. He said <br /> the LGC wants to have that backup before approving financing of the money. He said the <br /> county will not issue debt until bids have gone out or construction has started. He said if the <br /> county does incur expenses, it will reimburse itself for those costs when it does the financing. <br /> He said it does not hit debt service until it is included in a financing package. <br /> Bonnie Hammersley said the debt service is for exactly what has been borrowed. <br /> Paul Laughton said the debt models are based on the recommended CIP, and if a <br /> project is started in year 3, the debt service will not start until year 4. He said the BOCC <br /> reviews the CIP every year, and things get moved around. <br /> Travis Myren resumed the PowerPoint presentation: <br />