Orange County NC Website
Browse       Search
82 <br /> derived from various sources, including property taxes (which account for approximately 70% of the <br /> general fund revenues), sales taxes, fees and charges,as well as intergovernmental revenues. For the fiscal <br /> year ended June 30,2023,the County imposed a property tax of$0.8312 per$100 of assessed value, all of <br /> which was appropriated to the General Fund by the County's Board of Commissioners. For the fiscal year <br /> ending June 30,2024,the County imposed a property tax of$0.8353 per$100 of assessed value. A rate of <br /> $0.8312 per$100 of assessed value in the fiscal year ended June 30,2023 generated approximately$188.2 <br /> million. A rate of$0.8353 per$100 of assessed value in the fiscal year ending June 30, 2024 is estimated <br /> to generate approximately [$190.7 million]. The General Statutes of North Carolina permit counties to <br /> impose property taxes of up to $1.50 per $100 of assessed value for certain purposes without the <br /> requirement of a voter referendum. See Appendix B hereto for a description of the uses of the County's <br /> general fund revenues for the fiscal year ended June 30,2023. <br /> THE PLAN OF FINANCE <br /> The 2024 Bonds are being issued to provide funds to (1) finance the acquisition, construction, <br /> equipping and improvement of certain County facilities as further described below and(2) finance certain <br /> costs incurred in connection with the execution and delivery of the 2024 Bonds. <br /> THE PROJECTS <br /> A portion of the proceeds of the 2024A Bonds will be used to finance a variety of County projects. <br /> The County has adopted a practice of completing an annual financing to finance a broad range of <br /> acquisitions and improvements, so as to reduce its frequency of transactions and to handle projects that do <br /> not lend themselves conveniently to separate financings. The projects included in the current financing can <br /> be summarized, and the current estimates of the costs thereof, as follows: <br /> Project Estimated Cost <br /> Research Triangle Logistics Park $1,684,707 <br /> Lake Orange Dam Rehabilitation 252,024 <br /> Neuse River Rules/Gravelly Hill Middle School 300,000 <br /> Solid Waste Equipment Replacement 574,971 <br /> 501 West Franklin building upfit 2,000,000 <br /> Whitted Stormwater Improvements 175,000 <br /> Bi-Directional Emergency Response K12 Coverage 1,344,674 <br /> Assorted Vehicles 805,743 <br /> Deferred Maintenance—capital projects for Chapel Hill-Carrboro City Schools 5,118,023 <br /> Total Project Costs $12,255,142 <br /> THE MORTGAGED PROPERTY <br /> The 2024 Bonds, the Prior Bonds and any Additional Bonds will be secured by the Mortgaged <br /> Property. The Mortgaged Property includes the County's Whitted Building, Blackwood Farm Park, <br /> Culbreth Middle School,Orange County Library,Orange Middle School,Hillsborough Elementary School, <br /> New Hope Elementary School,Pathways Elementary School,Orange High School and Ephesus Elementary <br /> School(all as described below),and the associated real estate. The"Mortgaged Property"is defined in the <br /> Deed of Trust to include these facilities and real estate, and any additional improvements to the facilities <br /> and real estate,but generally does not include any equipment or furnishings associated with the property. <br /> Whitted Building. The Whitted Building is a three-story building consisting of approximately <br /> 56,984 square feet on an approximately 5.7-acre site located at 300 West Tryon Street in Hillsborough, <br /> 10 <br />