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