Orange County NC Website
28 <br /> Gary Donaldson said slide #6 is an illustration of the tranches and the pay-go, and that is <br /> a critical piece. He said this is one of the items that came out of the school task force meeting but <br /> based on other areas, they have learned that the pay-go is critical. <br /> Slide #7 <br /> General Obligation Bond <br /> North Carolina General Obligation Financing Key Provisions <br /> General Obligation Bonds <br /> Voter Approval Required;exception for Refunding and Two-Third Bonds <br /> - Security Pledge-Full faith,credit/taxing power of the County <br /> Maturity Term-20 years statute permits 40 years <br /> Senior position and takes priority to all other County Limited Obligation Bonds and Installment Notes. <br /> Source of repayment-Property Tax <br /> Finances;Buildings,School Facilities and Renovations with long useful life <br /> - Ratings-Aaa/AAAlAAA by Moody's,Standard&Poor's and Fitch Ratings <br /> LGC approval required <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Slide #8 <br /> AAA GO Bond Ratings from the Three Nationally Recognized Rating Agencies <br /> ■ Orange County has maintained AAA ratings from Fitch, Moody's and <br /> Standard & Poor's the past ten years. <br /> ■ One of few counties with this distinction nation-wide. <br /> ■ AAA rating designation allows for lowest possible borrowing rates. <br /> ■ Prior three rating agencies'analyses have cited; <br /> •3 Stable tax and economic base. <br /> ❖ Strong financial performance and financial policies. <br /> ❖ Regular monitoring of budget versus actuals with quarterly financial <br /> reporting to the Board. <br /> ❖ Long-term financial modeling and proactive operating and debt <br /> management strategies. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />