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25 <br /> 1 is necessary to provide for repaying the bonds, including the interest on the money borrowed <br /> 2 through the bonds. <br /> 3 <br /> 4 Gary Donaldson, Chief Financial Officer, made the following presentation: <br /> 5 <br /> 6 Slide #1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Preliminary Resolution for General Obligation School Bonds <br /> Board of County Commissioners Business Meeting <br /> April 2, 2024 <br /> 8 <br /> 9 Slide #2 <br /> Background <br /> • School Capital Needs Taskforce recommended School Facility Study to prioritize <br /> both School District facilities with Facility Conditions Index as a key measure. <br /> • At the Board of Commissioners Retreat on January 19,2024, the County approved <br /> moving forward with a funding plan for County and School Facility Needs.Funding <br /> for this plan includes: <br /> A$300 million General Obligation School Bond Referendum and additional Pay- <br /> Go School Funding of$100 million. <br /> Limited Obligation Bond funding for identified County Facility Needs and <br /> previously approved CIP projects. <br /> • New State Law requires GO Bond Ballot to include Total Debt Service(Principal <br /> and Interest)and GO Bond Tax Rate. Prior Bond Ballots had included the Principal <br /> amount. <br /> ■ Local Government Commission has reviewed the County Plan of Finance and Debt <br /> Policies with Staff, Financial Advisors and Bond Counsel to ensure compliance with <br /> the new State Law.. <br /> ■ Four separate Board Actions required from April 2 through June 4,2024. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 10 <br />