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19 <br /> 1 Gary Donaldson discussed the parameters to show the three key metrics of the payout <br /> 2 process. He said there is a statutory 3% for tax value. He said the rating agencies take comfort in <br /> 3 the fact that the county is aware of the percentages they have. <br /> 4 <br /> 5 Slide #6 <br /> Questions <br /> ORANGE COUNTY <br /> 6 <br /> 7 Commissioner Fowler asked about the difference in the $16 million and $14 million. <br /> 8 Gary Donaldson said they will be financed by dept financing. He said it is a difference of <br /> 9 which projects will be ready in time not which projects will be funded. He said that they have been <br /> 10 in communication with the schools and they know they can proceed as is and the Board has <br /> 11 approved those projects. <br /> 12 Commissioner Fowler asked if this would affect the debt modeling. <br /> 13 Gary Donaldson said it has a small impact, but comparatively small. <br /> 14 Commissioner Portie-Ascott asked if they are getting better financing terms by offering <br /> 15 more collateral than the loan amount. <br /> 16 Gary Donaldson said the credit rating plays into that. He said that for GO bonds they have <br /> 17 the highest rating among all three agencies. He said that is one factor into the rates. <br /> 18 Commissioner Portie-Ascott asked if the additional collateral will provide benefit or if the <br /> 19 schools that will need capital improvement as well. <br /> 20 Gary Donaldson said the collateral package allows them to work with the schools to add <br /> 21 those projects into the package. He said that in this case the bond counsel is working with both <br /> 22 school district's legal counsel for particular schools. He said that they are working to bring projects <br /> 23 funded in this financing into the collateral package for this financing. <br /> 24 Commissioner Hamilton asked if this is done in the spring and the fall. <br /> 25 Gary Donaldson said this was historically done in the spring and fall but now it is done in <br /> 26 the spring to give departments more time to get their projects and go to the LGC and the market <br /> 27 once rather than twice per year. <br /> 28 <br /> 29 A motion was made by Vice-Chair McKee, seconded by Commissioner Hamilton, to open <br /> 30 the public hearing. <br /> 31 <br /> 32 VOTE: UNANIMOUS <br /> 33 <br /> 34 No one was signed up to speak for the public hearing <br /> 35 <br />