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32 <br /> 1 Slide#7 <br /> Questions/Comments <br /> ORANGE COUNTY <br /> 2 naent u�im, <br /> 3 <br /> 4 Commissioner Dorosin referred to the list of spring financing projects, and asked if the <br /> 5 list could be more clearly defined. <br /> 6 Gary Donaldson said the projects on the list are firm amounts, with bids in hand. He <br /> 7 said, for example, the bids are coming late on the Blackwood Farm project, and there may need <br /> 8 to be adjustments. He said bonds will not be issued without firm estimates. <br /> 9 Commissioner Dorosin asked if there is a firm date for cutoff. <br /> 10 Gary Donaldson said doing the issuing in May gives the County time to put a good list <br /> 11 together to go to the Local Government Commission. <br /> 12 Commissioner Dorosin asked if the County can only borrow once a year. <br /> 13 Gary Donaldson said the County can borrow any time of the year, but it has become <br /> 14 Orange County's practice to borrow once a year. <br /> 15 Commissioner Fowler asked if the County still has the highest bond rating. <br /> 16 Gary Donaldson said by going out for financing in spring, the rating agencies get used to <br /> 17 seeing the County. He said the County has a triple A rating from all three rating agencies. He <br /> 18 said the County has a strong credit story throughout the pandemic, and all the credit <br /> 19 characteristic are very strong for the County. He said the long term planning model has served <br /> 20 the County well. <br /> 21 Commissioner Fowler said the estimated interest rates are 2-3%, and asked if staff has <br /> 22 worked with a worst-case scenario model. <br /> 23 Gary Donaldson said 4% is built into the model. <br /> 24 Commissioner Fowler said it is conceivable that numbers could come in less than that. <br /> 25 Gary Donaldson said yes. <br /> 26 Commissioner McKee asked if there an estimated timeline for the Blackwood Farm bids. <br /> 27 Gary Donaldson said May 26, 2021. <br /> 28 Commissioner McKee asked if there is a plan if the bid comes in higher than expected. <br /> 29 Gary Donaldson said staff would go to the market to determine a financial solution to not <br /> 30 impede the project. <br /> 31 Commissioner McKee asked if it would be better to delay the project. <br /> 32 Donaldson said there would need to be a discussion. He said the project might be <br /> 33 removed from the financing, and this is a preliminary financing plan. <br /> 34 Commissioner McKee said material and labor costs have escalated. <br /> 35 Commissioner Hamilton asked if a project were to be delayed would the debt service <br /> 36 estimates change. <br /> 37 Gary Donaldson yes, there would be a reduction in the interest only payments. <br /> 38 <br />