Orange County NC Website
Browse       Search
22 <br /> 1 Slide #6 <br /> Questions/Comments <br /> ORANGE COUNTY <br /> WOR"n I CARMANA <br /> 2 <br /> 3 Commissioner Fowler asked the total value of county assets. <br /> 4 Gary Donaldson said the county has to achieve a 50% threshold for financing, and the <br /> 5 estimated total of the county's assets are around $200 million. He said when looking at projects <br /> 6 that will be put up as collateral, 50% of that number is what is deemed comfortable. <br /> 7 Bob Jessup, Bond Counsel, clarified that on $100 million of assets, the county could <br /> 8 borrow up to $200 million. He said county must maintain a collateral value equal to <br /> 9 approximately 50% of the total amount of debt that's outstanding. He said every year as debt is <br /> 10 added, the county may or may not have to add to collateral. He summarized that the debt <br /> 11 capacity is twice what is pledged as collateral. He said that in this case there is close to $200 <br /> 12 million, so there is probably $80 million used for collateral. <br /> 13 Commissioner Hamilton asked about points A and B of the Resolution. <br /> 14 Bob Jessup said that was a typographical error, and B should have stated $46 million. <br /> 15 Commissioner Hamilton asked about the Southern Campus expansion on the list of <br /> 16 projects to be financed. <br /> 17 Gary Donaldson said that is for parking improvements at the County's Southern Human <br /> 18 Services Campus and is not connected to the Durham Tech campus expansion. <br /> 19 Commissioner Fowler said if B in the Resolution is meant to be $46 million, what should <br /> 20 A have been. <br /> 21 Bob Jessup said that the first number should be up to $46 million to pay all the project <br /> 22 costs and the financing costs. He said that a more refined number will come back on May 3 for <br /> 23 final approval. <br /> 24 Commissioner Richards said it would be good to know if regular contributions, like the <br /> 25 Conservation Easement fund, have been used. <br /> 26 Bonnie Hammersley said staff will go in detail about that during the April 12, 2022 <br /> 27 meeting. <br /> 28 <br /> 29 A motion was made by Commissioner Greene, seconded by Commissioner Fowler, to <br /> 30 open the public hearing. <br /> 31 <br /> 32 VOTE: UNANIMOUS <br /> 33 <br /> 34 There was no one signed up to speak for the public hearing. <br /> 35 <br /> 36 A motion was made by Commissioner Greene, seconded by Commissioner Hamilton, to <br /> 37 close the public hearing. <br />