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6 <br /> 1 Technical Community College — Orange County Campus projects. The Proprietary Projects <br /> 2 include Water and Sewer, Solid Waste Enterprise Fund, and Sportsplex projects. <br /> 3 <br /> 4 The CIP has been prepared anticipating moderate economic growth of approximately 2% in <br /> 5 property tax growth over the next ten years, and 4% sales tax growth. Many of the projects in the <br /> 6 CIP will rely on debt financing to fund the projects. <br /> 7 <br /> 8 Travis Myren, Deputy County Manager, reviewed the background information for the <br /> 9 agenda item. <br /> 10 <br /> 11 A motion was made by Commissioner McKee, seconded by Commissioner Fowler, to <br /> 12 accept the FY 2024-34 Orange County Ten-Year Capital Investment Plan, and approve funding <br /> 13 for FY 2024-25 and adopt the FY 2024-25 County Capital projects as stated in Attachment 2; the <br /> 14 FY 2024-25 Proprietary Capital projects as stated in Attachment 3; and the FY 2024-25 School <br /> 15 Capital projects as stated in Attachment 4. <br /> 16 <br /> 17 VOTE: UNANIMOUS <br /> 18 <br /> 19 c. Proposed Bond Order Authorizing $300 Million in County General Obligation School <br /> 20 Bonds, Subject to Voter Approval, and Approve the Details of the Referendum <br /> 21 The Board took final action approving the proposed Bond Order authorizing $300 Million in County <br /> 22 General Obligation School Bonds, subject to voter approval, and approving a resolution with the <br /> 23 details of the referendum proposed for November 2024. <br /> 24 <br /> 25 BACKGROUND: Since the presentation of the Woolpert School Facility Study in December <br /> 26 2023, the Board has considered at several meetings plans to respond to the funding needs <br /> 27 described in the study and how to balance school capital needs, other County capital needs and <br /> 28 the resources available. <br /> 29 <br /> 30 At the January 19, 2024 Board retreat, the Board made the determination to start the bond <br /> 31 authorization process based on a referendum amount of$300 million in County general obligation <br /> 32 school bonds for both school districts. <br /> 33 <br /> 34 Based on revisions as noted in the Manager's Recommended FY 2024-34 Capital Investment <br /> 35 Plan, the County's assumptions for repaying the $300 million in proposed County general <br /> 36 obligation school bonds and related interest is estimated to have a tax rate impact of 3.41 cents <br /> 37 per$100 of valuation, with all that increase scheduled for the County's 2025-26 Fiscal Year. <br /> 38 <br /> 39 At the Board's April 2, 2024 Business meeting, the Board adopted a preliminary resolution stating <br /> 40 its intent to apply to the North Carolina Local Government Commission (LGC) for the LGC's <br /> 41 approval of the bonds (the LGC is a division of the State Treasurer's office that must approve <br /> 42 substantially all local government borrowing). The County published a notice of this intent as <br /> 43 required by law, and the LGC has accepted the County's application.At its May 7, 2024 Business <br /> 44 meeting, the Board introduced the Bond Order (similar to the required first reading that is <br /> 45 sometimes required for an ordinance) and called for the required public hearing. The Board held <br /> 46 that public hearing at the June 4, 2024 Business meeting. <br /> 47 <br /> 48 With this item, the Board is asked to take final action to adopt the Bond Order. The Board is then <br /> 49 asked to consider approval of a resolution to set formally the details of the referendum. These are <br /> 50 the final actions required of the Board to place the question of the school bonds before the voters <br /> 51 in November 2024. <br />