Orange County NC Website
Browse       Search
2 <br /> enter into the debt arrangement. This approval does not create liability on the part of <br /> Orange County nor does it make the County responsible for the repayment of any debt <br /> assumed by the fire department. The approval provides a mechanism for the Board of <br /> Commissioners to acknowledge that, through this financing arrangement, the Fire <br /> Department is pledging use of the Fire Tax District's tax dollars to repay the loan. In order <br /> to comply with this IRS requirement, the Chair of the Board of Commissioners must sign <br /> the Fire Service Agreement and Certificate of Approval for the district provided in the <br /> attachments. <br /> FINANCIAL IMPACT: EVFD plans to finance the entire cost of $2,299,798. The Department's <br /> Board of Directors has agreed to a 15-year loan at the fixed rate of 4.53% APR with the Roxboro <br /> Savings Bank. The annual loan repayment amount is $214,585. The department does anticipate <br /> the renovations will cause an increase in the current district tax rate of two cents from 8.28 to <br /> 10.28 cents per $100 of assessed valuation. There is no recourse to the County. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this item: <br /> • GOAL: CREATE A SAFE COMMUNITY <br /> The reduction of risks from vehicle/traffic accidents, childhood and senior injuries, gang <br /> activity, substance abuse, and domestic violence. <br /> ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal <br /> impact associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1. Approve the Efland Volunteer Fire Department entering into a financing arrangement to <br /> renovate Fire Station #1; and <br /> 2. Authorize the Chair to sign the appropriate documents related to the financing <br /> arrangement. <br />