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5 <br /> 1 Commissioner Fowler said that since the last meeting she attended the DCHC-CAMPO <br /> 2 meeting along with Chair Bedford. She said they revealed models for highway travel and flexibility. <br /> 3 She said she attended the Weaver Community open and saw the stormwater improvements and <br /> 4 was excited about the synergy of community improvement. She said that she attended Chapel <br /> 5 Hill Pride Promenade. She said she attended the Climate Council and had the opportunity to meet <br /> 6 sustainability staff from the municipalities. She said that it was a productive meeting. She thanked <br /> 7 those in attendance who wanted to speak about the needs of the schools and those that had sent <br /> 8 their concerns via email. She said that the schools need updates. She said that the school <br /> 9 systems will be responsible for programming. She said CHCCS has a board meeting on Thursday <br /> 10 night, and they will discuss more specifics about the plans. She thanked Bonnie for her leadership <br /> 11 and wished her the best in her upcoming endeavors. <br /> 12 <br /> 13 4. Proclamations/ Resolutions/ Special Presentations <br /> 14 None. <br /> 15 <br /> 16 5. Public Hearings <br /> 17 a. Public Hearing on a Proposed Bond Order Authorizing $300 Million in County General <br /> 18 Obligation School Bonds, Subject to Voter Approval <br /> 19 The Board conducted a public hearing on a proposed Bond order authorizing $300 Million in <br /> 20 County General Obligation School Bonds, subject to subsequent Board approval and voter <br /> 21 approval. <br /> 22 <br /> 23 BACKGROUND: Since the presentation of the Woolpert School Facility Study in December <br /> 24 2023, the Board has considered at several meetings plans to respond to the funding needs <br /> 25 described in the study and how to balance school capital needs, other County capital needs and <br /> 26 the resources available. <br /> 27 <br /> 28 At the January 19, 2024 Board Retreat, the Board made the determination to start the bond <br /> 29 authorization process based on a referendum amount of$300 million in County general obligation <br /> 30 school bonds for both school districts. <br /> 31 <br /> 32 Based on revisions as noted in the Manager's Recommended FY 2024-34 Capital Investment <br /> 33 Plan (CIP), the County's assumptions for repaying the $300 million in proposed County general <br /> 34 obligation school bonds and related interest are estimated to have a tax rate equivalent impact of <br /> 35 3.41 cents per$100 of valuation, with all that increase scheduled for the County's 2025-26 Fiscal <br /> 36 Year. <br /> 37 <br /> 38 At its April 2, 2024 Business meeting, the Board adopted a preliminary resolution stating its intent <br /> 39 to apply to the North Carolina Local Government Commission (LGC) for the LGC's approval of <br /> 40 the bonds (the LGC is a division of the State Treasurer's office that must approve substantially all <br /> 41 local government borrowing). The County has published a notice of this intent as required by law, <br /> 42 and the LGC has accepted the County's application. At its May 7, 2024 Business meeting, the <br /> 43 Board introduced the Bond Order (similar to the required first reading that is sometimes required <br /> 44 for an ordinance) and called for tonight's public hearing. The Notice of the Public Hearing was <br /> 45 published on May 22, 2024, in both The Herald Sun and the News of Orange County newspapers <br /> 46 as required by law and consistent with the County's usual procedures. <br /> 47 <br /> 48 Following the public hearing, the Board will be asked to take final action to adopt the Bond Order <br /> 49 at the Board's June 18, 2024 Business meeting. The Board will also then be asked to consider a <br /> 50 required resolution to set formally the details of the referendum. <br /> 51 <br />