Orange County NC Website
kNa 4,:.,~ 7a <br />ORANGE COUNTY <br />guelJet d~lce HILLSBOROUGH. NORTH CAROLINA SataPl~ked l?52 <br />TO: Orange County Board of Commissioners <br />John M. Link, County Manager <br />FROM: Donna Dean, Budget Director <br />DATE: September 24, 2003 <br />RE: Update on County/Town Partner Capital Projects <br />In November 2001, Orange County voters approved a $75 million bond referendum that supported <br />schools, parks, recreation, open space, affordable housing, and senior centers. On September 3, 2002, <br />the Board of County Commissioners approved a timetable that outlined amulti-year plan for issuing debt <br />related to the 2001 voter approved bond referendum along with a plan to issue a total of $37,875,000 in <br />alternative financing to support other priority projects identified by the 2001 Capital Needs Advisory Task <br />Force. (For clarification purposes, alternative financing is a term used to identify non-bond monies <br />borrowed from financial institutions.) In fiscal year 2002-03, the County sold $19,175,000 of the $75 <br />million 2001 voter approved bonds and borrowed $3,475,000 of the planned $37,875,000 planned <br />alternative financing. <br />The chart below summarizes specific County/Town partner projects included in the plan approved by the <br />Commissioners last September. <br /> Amount of Funding Planned <br /> for Issuance by Fiscal Year <br />Fairview Park <br />FY 2002-03 $200,000 <br />FY 2003-04 $500,000 <br />FY 2004-05 $150,000 <br />Available Funds from 2001 Voter Approved Bond <br />Referendum for Fairview Park $850,000 <br />Homestead Aquatics Center <br />FY 2003-04 $3,500,000 <br />Available Funds from 2001 Voter Approved Bond <br />Referendum for Homestead Aquatics Center $3,500,000 <br />Joint Town/County Open Space (Greenway Development) <br />FY 2002-03 $400,000 <br />FY 2003-04 $200,000 <br />FY 2004-05 $575,000 <br />FY 2005-06 $575,000 <br />Available Funds from 2001 Voter Approved Bond <br />Referendum for Joint Town/County Open Space (Greenway <br />Development) $1,750,000 <br />Smith Middle School Field <br />FY 2002-03 $250,000 <br />Available Funds from 2001 Voter Approved Bond <br />Referendum for Smith Middle School Field $250,000 <br />Southern Community Park <br />FY 2004-05 $1,000,000 <br />FY 2005-06 $1,000,000 <br />Available Funds from 2001 Voter Approved Bond <br />Referendum for Southern Community Park $2,000,000 <br />