Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 2, 2023 <br /> Action Agenda <br /> Item No. 5-a <br /> SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1 . Copy of Public Hearing Gary Donaldson, (919) 245-2453 <br /> Notice Chaz Offenburg, (919) 245-2071 <br /> Attachment 2. Resolution Robert Jessup, (919) 933-9891 <br /> Attachment 3. PowerPoint Presentation <br /> PURPOSE: To conduct a public hearing on a financing contract for up to $16.5 million to pay for <br /> capital investment projects and equipment for the fiscal year, and to approve a related resolution <br /> supporting the County's application to the Local Government Commission (LGC) for its approval <br /> of the financing arrangements. The financing and transaction costs are included in the loan <br /> amount. <br /> BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> investment projects and equipment will be not exceed $16.5 million. The law requires that the <br /> County conduct a public hearing on the proposed financing. A copy of the published hearing notice <br /> is provided at Attachment 1. <br /> The notice of public hearing was advertised in The Herald Sun. <br /> After conducting the public hearing and receiving public input, the Board will consider the adoption <br /> of the resolution (Attachment 2). This resolution formally requests the required LGC approval, <br /> makes certain "finding of fact" as required under the LGC's guidelines, and authorizes County <br /> staff to continue the process. The Finance Officer has been in contact with the LGC staff, and <br /> expects no issues in receiving LGC approval. <br /> If the Board adopts the resolution indicating its intent to continue with the financing plan, the Board <br /> will be asked to consider a resolution giving final approval to the financing plans at its Business <br /> meeting on May 16, 2023. Under the current schedule, County staff expects to set the final interest <br /> rates and close by the end of June. <br /> Collateral: For this type of County installment financing, the County secures its obligations to the <br /> lender by a mortgage-type interest in some or all of the property being acquired or improved <br /> through the financing. The County plans to secure this 2023 financing through a pledge of several <br />