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HomeMy WebLinkAboutAgenda - 02-15-2011 - 4jORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: February 15, 2011 Action Agenda , Item No. ~- - SUBJECT: Approval of Capital Project Ordinance for the Qualified School Construction Bond Projects of the Chapel Hill -Carrboro City Schools and Orange County Schools DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Qualified School Construction Bonds Capital Project Ordinance INFORMATION CONTACT: Clarence Grier, 919-245-2453 Robert Jessup, 919-933-9891 PURPOSE: To approve a Capital Projects Ordinance for the Qualified School Construction Bond (QSCB) projects of the Chapel Hill -Carrboro City Schools and Orange County Schools. BACKGROUND: The Board of Commissioners has previously approved proceeding with the issuance of Qualified School Construction Bonds (QSCB) as authorized under Section 160A-20 of the North Carolina General Statutes. The issuance of the QSCB will finance various construction projects of the Chapel Hill -Carrboro City Schools (CHCCS) and Orange County Schools (OCS) not to exceed and totaling $9,899,440. The cost estimate for the CHCCS QSCB projects is $4,630,000. The cost estimate for the OCS QSCB projects is $5,269,440. In January 2011, the Board of Commissioners approved the necessary fact-finding and held the required public hearing concerning the projects of both school systems, and proposed financing as prescribed under the guidelines of the Local Government Commission. Additionally, the Board of Commissioners directed staff to proceed with the financing, execute the appropriate documents, and complete the closing of the financing through the adoption of a resolution dated January 20, 2011. FINANCIAL IMPACT: The financing proposal will require debt service of $659,963.60 for Fiscal Year 2011-12. The tax rate equivalent for FY 2011-12 debt service is estimated at approximately .43 cents. RECOMMENDATION(S): The Manager recommends that the Board approve the attached QSCB Capital Project Ordinance. oRD - ao~ l - 008 2 Qualified Schools Construction Projects Chapel Hill -Carrboro City Schools and Orange County Schools Capital Projects Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized provides funds for the construction of various Qualified School Construction Bonds projects of Chapel Hill-Carrboro City Schools and Orange County Schools. Proceeds from the Qualified School Construction Bond Program fund these projects. Section 2. The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3. The following revenue is anticipated to complete this project: Through FY 2010-11 FY 2010-11 Amendment Through FY 2010-11 Sales Tax $0 $0 $0 Qualified School Construction Bond Funds $0 $9,899,440 $9,899,440 Impact Fees $0 $0 $0 Lottery Proceeds $0 $0 $0 Total Funding $0 $9,899,440 $9,899,440 Section 4. The following amount is appropriated for this project: Through FY 2010-11 FY 2010-11 Amendment Through FY 2010-11 Plannin /Arch/En in $0 $0 $0 Land/Assoc Fees $0 $0 $0 Construction $0 $9,899,440 $9,899,440 E ui ment/Furnishin s $0 $0 $0 Contin enc $0 $0 $0 Total Costs $0 $9,899,440 $9,899,440 Section 5. This ordinance shall remain in effect until the Board of County Commissioners takes action to amend the ordinance or close the project ordinance upon completion of the project. Adopted this 15th day of February 2011.