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21 <br /> 1 A motion was made by Commissioner Fowler, seconded by Commissioner Hamilton, to <br /> 2 open the public hearing. <br /> 3 <br /> 4 VOTE: UNANIMOUS <br /> 5 <br /> 6 There were no commenters signed up to speak. <br /> 7 <br /> 8 A motion was made by Commissioner Fowler, seconded by Commissioner McKee, to <br /> 9 close the public hearing. <br /> 10 <br /> 11 VOTE: UNANIMOUS <br /> 12 <br /> 13 A motion was made by Commissioner Fowler, seconded by Commissioner Hamilton, to <br /> 14 approve a resolution supporting the application to the Local Government Commission for approval <br /> 15 of the financing. <br /> 16 <br /> 17 VOTE: UNANIMOUS <br /> 18 <br /> 19 6. Regular Agenda <br /> 20 a. Introduction of Bond Order Authorizing $300 Million General Obligation School Bonds, <br /> 21 Subject to Voter Approval (First Reading), and Scheduling of a Related Public Hearing <br /> 22 The Board introduced a Bond Order authorizing $300 Million General Obligation School Bonds, <br /> 23 subject to voter approval and subsequent Board approval, and the scheduling of a related public <br /> 24 hearing. <br /> 25 <br /> 26 BACKGROUND: Since the presentation of the Woolpert School Facility Study in December <br /> 27 2023, the Board has considered at several meetings plans to respond to the funding needs <br /> 28 described in the study and how to balance school capital needs, other County capital needs and <br /> 29 the resources available. <br /> 30 <br /> 31 At the January 19, 2024 Board Retreat, the Board made the determination to start the bond <br /> 32 authorization process based on a referendum amount of$300 million in County general obligation <br /> 33 school bonds for both school districts. <br /> 34 <br /> 35 Based on revisions as noted in the Manager's Recommended FY 2024-34 Capital Investment <br /> 36 Plan (CIP), the County's assumptions for repaying the $300 million in proposed County general <br /> 37 obligation school bonds and related interest is estimated to have a tax rate equivalent impact of <br /> 38 3.41 cents per $100 of valuation, with all of that increase scheduled for the County's 2025-26 <br /> 39 Fiscal Year. <br /> 40 <br /> 41 At the Board's April 2, 2024 Business meeting, the Board adopted a preliminary resolution stating <br /> 42 its intent to apply to the North Carolina Local Government Commission (LGC) for the approval of <br /> 43 the bonds (the LGC is a division of the State Treasurer's office that must approve substantially all <br /> 44 local government borrowing). The County has published a notice of this intent as required by law, <br /> 45 and the LGC has accepted the County's application. <br /> 46 <br /> 47 If the Board proceeds to introduce the Bond Order tonight, the Board will be asked to take <br /> 48 additional action at subsequent meetings, currently scheduled as follows: <br /> 49 <br />