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ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: March 22, 2016
Action Agenda
Item No. 5-a
SUBJECT: Public Hearing on the Financing of Various Capital Investment Plan Projects
DEPARTMENT: Finance and Administrative
Services
ATTACHMENT(S):
Attachment 1. Copy of Public Hearing
Notice
Attachment 2. Resolution
INFORMATION CONTACT:
Gary Donaldson, (919) 245-2453
Paul Laughton, (919) 245-2152
Robert Jessup, (919) 933-9891
PURPOSE: To conduct a public hearing on the issuance of approximately $8,150,000 to
finance capital investment projects and equipment for the fiscal year as approved in the 2015-
2015 Capital Investment Plan; and to approve a related resolution supporting the County’s
application to the Local Government Commission (LGC) for its approval of the financing
arrangements.
BACKGROUND: County staff estimates that the total amount to be financed for capital
investment projects and equipment will be approximately $8,150,000. The financing will include
amounts to pay transaction costs.
The statutes require that the County conduct a public hearing on the proposed financing. A
copy of the published notice of this hearing is provided (Attachment 1).
After conducting the public hearing and receiving public input, the Board will consider the
adoption of the resolution (Attachment 2). This resolution formally requests the required
approval from the North Carolina Local Government Commission (LGC) for the County’s
financing, and makes certain findings of fact as required under the LGC’s guidelines. County
staff has been in contact with the LGC staff, and staff expects no issues to receiving LGC
approval.
If the Board adopts the resolution indicating its intent to continue with the financing plan, the
Board will be asked to consider a resolution giving final approval to the financing plans at its
April 19, 2016 meeting.
The general schedule for this process is as follows:
• BOCC conducts public hearing and adopts resolution in support of financing and
LGC approval – March 22