OTHER-2025-035-Orange County North Carolina limited obligation bonds series 2025

Browse Search

voter referendum . See Appendix B hereto for a description of the uses of the County ' s general fund revenues for the fiscal year ended June 30 , 2024 . THE PLAN OF FINANCE The 2025 Bonds are being issued to provide funds to ( 1 ) finance the acquisition, construction, equipping and improvement of certain County facilities as further described below and (2 ) finance certain costs incurred in connection with the execution and delivery of the 2025 Bonds , THE PROJECTS A portion of the proceeds of the 2025 Bonds will be used to finance a variety of County projects . The County has adopted a practice of completing an annual financing to finance a broad range of acquisitions and improvements, so as to reduce its frequency of transactions and to handle projects that do not lend themselves conveniently to separate financings . The projects included in the current financing can be summarized , and the current estimates of the costs thereof, as follows : Project Estimated Cost School Capital Projects $ 575077 , 708 Public Building Improvements, including safety, accessibility and sustainability 6 , 519 , 528 I improvements � Emergency Services Projects 45306 , 018 Vehicles 3 , 157 , 906 Sportsplex Improvements 25456 , 000 IT Infrastructure Improvements 1 , 665 , 255 Parks and Recreation Projects 1 , 247 , 982 Affordable Housing Development 250 , 000 4 Total Project Costs $ 76 , 6805397 I THE MORTGAGED PROPERTY The 2025 Bonds , the Prior Bonds and any Additional Bonds will be secured by the Mortgaged Property . The Mortgaged Property includes the County ' s Whitted Building, Blackwood Farm Park, Culbreth Middle School , Orange County Library, Orange Middle School , New Hope Elementary School , Pathways Elementary School , Orange High School and Ephesus Elementary School (all as described below), and the associated real estate . The "Mortgaged Property" is defined in the Deed of Trust to include these facilities and real estate, and any additional improvements to the facilities and real estate , but generally does not include any equipment or furnishings associated with the property . Whitted Building. The Whitted Building is a three- story building consisting of approximately 56 , 984 square feet on an approximately 5 . 7-acre site located at 300 West Tryon Street in Hillsborough , North Carolina . The Whitted Building houses certain of the County ' s administrative offices, Board of E Commissioners ' meeting space and event space . A portion of the proceeds of the 2025 Bonds will be used to make certain improvements to the Whitted Building, including [signage upgrades , electrical work, sidewalk and accessible route improvements, hydrant upgrades , main water line upgrades , elevator modernization , repair and replacement of fire doors, replacement of certain flooring and roof replacement construction] . The County estimates the insured value of this building (not including the equipment associated with the building, which is generally not part of the Mortgaged Property) to be approximately $ [9 . 7] million . i I i 10