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52 <br /> Commissioner Portie-Ascott asked why the county would want to exceed the lender's <br /> requirements for collateral. <br /> Bob Jessup, Bond Counsel, said this is done for two primary reasons. He said when the <br /> county owns a school, they are eligible for sales tax reimbursement on construction costs, while <br /> school boards are not. He said it is costless to have more collateral. He said by starting with so <br /> much collateral, if there is ever a need to pull one out, there is still enough value left in the collateral <br /> package to facilitate that process. <br /> Commissioner Fowler asked if the collateral package can be amended later. <br /> Bob Jessup said yes. <br /> Commissioner Richards asked if there is a negative impact to having additional collateral. <br /> Bob Jessup said no. He said this way, more money can be borrowed against the existing <br /> pool without having to worry. <br /> Chair Bedford asked if the BOCC or school board makes the decision about what happens <br /> to a school that goes offline. <br /> John Roberts and Bob Jessup said that until the loan is paid off, the county owns the <br /> school. If the loan is paid off, then school system owns it. <br /> Slide #6 <br /> Debt Service Model M etrics <br /> All CIP Projects <br /> Debt Mlos 10-mr Payout Debt to AV D5 to GF Revenues <br /> 2024 62.86% 1.64% 13..OQ% <br /> 2025 63.63% 1.65% 13.09% <br /> 2026 62.82% 1.21% 12.83% <br /> 2027 60.37% 1.44% 14.1896 <br /> 2028 60.43% 1.54% 14.59% <br /> 2029 59.66% 1.77% 16.71D% <br /> 21030 62.10% 1.58% 18.34% <br /> 2031 64.39% 1.51% 19.87% <br /> 21032 62.42% 1.67% 19_01% <br /> 2035 65.05% 1.55% 19.32% <br /> 2034 67.52% 1.34% 19.89% <br /> OMN E CWNTY <br /> NORTH C:AROLINA <br />