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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 4, 2021 <br /> Action Agenda <br /> Item No. 5-a <br /> SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1 . Copy of Public Hearing Gary Donaldson, (919) 245-2453 <br /> Notice Paul Laughton, (919) 245-2152 <br /> Attachment 2. Resolution Robert Jessup, (919) 933-9891 <br /> Attachment 3. PowerPoint <br /> PURPOSE: To conduct a public hearing on borrowing approximately $18,700,000 to finance <br /> capital investment projects and equipment for the fiscal year; and up to approximately <br /> $18,070,000 to refinance existing County loans and approve a related resolution supporting the <br /> County's application to the Local Government Commission (LGC) for its approval of the financing <br /> arrangements. The amount for refinancing may vary as staff further refines the analysis, and the <br /> financing and transaction costs are included in the loan amount. <br /> BACKGROUND: County staff estimates that the total amount to be financed for capital <br /> investment projects and equipment will be approximately $18,700,000 consistent with the <br /> County's Capital Improvement Program. The statutes require that the County conduct a public <br /> hearing on the proposed financing. A copy of the published notice of this hearing is provided <br /> (Attachment 1). <br /> The notice of public hearing was advertised in The Herald Sun and the News of Orange. <br /> After conducting the public hearing and receiving public input, staff proposes that the Board <br /> consider adoption of the resolution (Attachment 2). This resolution formally requests the required <br /> approval from the North Carolina Local Government Commission (LGC) for the County's <br /> financing, and makes certain finding of fact as required under the LGC's guidelines. County staff <br /> has been in contact with the LGC staff, and staff expects no issues in receiving LGC approval. <br /> If the Board adopts the resolution indicating its intent to continue with the financing plan, the Board <br /> will be asked to consider a resolution giving final approval to the financing plans at the May 18, <br /> 2021 Business meeting. Under the current schedule, County staff expects to set the final interest <br /> rates and close by the end of June. <br />