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