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6 <br /> 1 In any event, the Board must complete its formal authorization process before the summer break <br /> 2 to allow the County Board of Elections adequate time for ballot printing and other organizational <br /> 3 matters for the referendum. At this point, the Board can reduce the bond amount, but the Board <br /> 4 cannot increase the amount unless the process re-started. <br /> 5 <br /> 6 SECURITY FOR BOND REPAYMENT: A general obligation bond, as proposed, is not secured by <br /> 7 any physical collateral. Instead, the County promises to levy property taxes in whatever amount <br /> 8 is necessary to provide for repaying the bonds, including the interest on the money borrowed <br /> 9 through the bonds. <br /> 10 <br /> 11 Gary Donaldson, Chief Financial Officer, made the following presentation: <br /> 12 <br /> 13 Slide #1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> General Obligation School Bonds <br /> Public Hearing <br /> Board of County Commissioners Business Meeting <br /> June 4, 2024 <br /> 14 <br /> 15 <br /> 16 Slide #2 <br /> Background <br /> • School Capital Needs Taskforce recommended School Facility Study to prioritize <br /> both School District facilities with Facility Conditions Index as a key measure. <br /> • At the Board of Commissioners Retreat on January 19.2024.the County approved <br /> moving Forward with a funding plan for County and School Facility Needs.Funding <br /> for this plan includes: <br /> A$300 million General Obligation School Bond Referendum and additional Pay- <br /> Go School Funding of$100 million. <br /> Projects Based Approach identified as basis for fund allocation between both <br /> districts. <br /> • New State Law requires Go Bond Ballot to include Total Debt Service(Principal <br /> and In(erest)and GR Bond Tax Rate. Prior Bond Ballots had included the Principal <br /> amount. <br /> • Local Government Commission has reviewed the County Plan of Finance and Debt <br /> Policies with Staff,Financial Advisors and Bond Counsel to ensure compliance with <br /> the new State Law. <br /> • Four separate Board Actions required from April 2 through June 18,2024- <br /> ORANGE COUNTY <br /> NOR I'II C'A 01 INA <br /> 17 <br />