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:~ <br />ORANGE COUNTY <br />BOARD O~ COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 6, 2000 <br />Action Agenda <br />Item No. ~~ <br />SUBJECT: Hi h School Financin Plan and Resolution -Oran a Count Schools <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Proposed Timetable for Public Offering <br />Resolution Authorizing Staff to Proceed <br />Public Hearing Notice <br />5/30/00 Memo from OCS Superintendent <br />INFORMATION CONTACT: <br />Ken Chavious, ext 2453 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider a plan and process far financing a new high school in the Orange <br />County School District and adoption of resolution authorizing staff to proceed. <br />BACKGROUND: Current Capital Plans include the construction of a new faigh school in the <br />Orange County School District at an estimated cost of $25 million. The Bond Referendum <br />approved by the voters in November 1997 included $12.5 million in bond funds for this project. . <br />During the bond referendum planning process, the Orange County School Board committed to <br />funding the remainder of the project from their pay-as-you-go funds in the form of an installment <br />purchase financing. Before it would approve the inclusion of the high school project in the bond <br />package, the North Carolina Local Government Commission (LGC) required a letter from the <br />County Manager and School Superintendent reinforcing the plans to have all other financing in <br />place prior to issuing the bonds. The High School Project is underway and securing financing <br />approval from the LGC far the non-bond portion of the project is now necessary. The amount <br />requested for financing by the School Board is $13.5 million, which exceeds the original amount <br />by $1 million. <br />The County Manager received a memorandum from the Orange Gounty School Superintendent <br />on May 30, 2000, providing information on the high school project. The memorandum is <br />attached to this abstract. The Orange County Board of Education took official action on May <br />29, 2000 that increased the proposed funding for the high school from $25 million to $27.9 <br />million. Sources for the additional funds proposed are outlined in the memorandum and include <br />adding $1 million to the amount to be provided by installment purchase . The Superintendent <br />will be available at this June 6 meeting to discuss the proposal in more detail, if the Board so <br />desires. <br />