Agenda - 12-11-2001-6a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 11, 2091 Action Agen a Item No. - SUBJECT: Planning for Bantl Sales antl Alternative Capital Financing DEPARTMENT: County Manager/BUtlgeU PUBLIC HEARING: (V/N) No ERCD ATTACHMENT(S): Table 1-Potential Bontl Schetlule Table 2-Potential Alternative Financing Table 3-Potential Schetlule (COmbinetl) Highlights of Proposed Timetables Draft Policy Statement - Usa of County Funtls for Parks/Open Space Protects 11126/01 CH Town Council Agenda Item OraB - 2001 Bond Funtla Application Fonn INFORMATION CONTACT: Rod Viaaer, ext 2300; Donna Dean, exl 2151; Dave S[ancil, ex12690 TELEPHONE NUMBERS: Hillsborough ]02-8181 Chapel Hill 8684601 Durham 6884331 Mebane 00622]-2031 PURPOSE: To receive a Brief presentation about factors to be considered in the timing of incurring debt through sale of bonds approvetl by Orange County voters in November 2001 and through other al[emative financing mechanisms. BACKGROUND: During the bond education process leading up to the November B, 2001 bontl referentla, the Boartl of Commissioners intlicatetl [heir Intention to consider how the sale of the bonds might be spread over a pedotl of several years to soften the impacts Of higher tax rates that woultl be needed to help pay far the debt. Upon passage of iha bonda, iha Board asketl the Manager and staff to suggest aframework - balancing community neetls with the County's current antl future fiscal environments -that woultl outline some of the factors [o be wnsitleretl in timing the sale of those bcntls, antl in using alternative fnancing for certain. capital projects that were not slated to be addressed with band funds. Proponents of all four motor bontl categories-schools, parks/open space, senior centers, and affoNable housing-are understandably eager to proceed with many projects [hat will be fundetl in full or in pen from November 2001 bontl proceeds. However, the BOCC has noted that because of competing demands In annual operating budgets far County general fund resources, bond protects would need [c be phased over a number of years to address the highest prioritiesfrst. Slag have compiled lantl will brieFly present at this meeting)several tables cf figures and lists of factors that the Boartl may wish [o consitler as [hey tliscuss with bond padners (municipalities, schools, non-profs agencies) how and when bond and allenative funtling projects can proceetl.