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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 7, 2024 <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) 245-2150 <br /> Attachment 2. Resolution Robert Jessup, (919) 933-9891 <br /> Attachment 3. Presentation <br /> PURPOSE: To conduct a public hearing on the issuance of approximately $23,500,000 to finance <br /> capital investment projects, and equipment for the fiscal year; and 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 approximately $23,500,000. The North Carolina <br /> General Statutes require that the County conduct a public hearing on the proposed financing. A <br /> copy of the published notice of this public hearing is provided (Attachment 1). <br /> The notice of public hearing was advertised in The Herald Sun and The News of Orange County. <br /> After conducting the public hearing and receiving public input, the Board is asked to consider the <br /> adoption of the resolution (Attachment 2). The resolution formally requests the required approval <br /> from the North Carolina Local Government Commission (LGC) for the County's financing, and <br /> makes certain finding of fact as required under the LGC's guidelines. County staff has been in <br /> contact with the LGC staff, and staff 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 May 21, <br /> 2024 Business meeting. Under the current schedule, County staff expects to set the final interest <br /> rates and close by the end of June 2024. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br /> service applicable to the capital investment projects and equipment financing would require the <br />