HomeMy WebLinkAboutAgenda - 04-24-2007-6bORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 24, 2007
Action Agenda
Item No. ~ --
SUBJECT• Final Approval of Projects for Alternative Financing
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No
ATTACHMENT (S):
Project Listing
INFORMATION CONTACT:
Ken Chavious, 245-2450
PURPOSE: To consider approving the list of School and County Capital projects to be included
in the proposed alternative financing scheduled for Local Government Commission approval on
June 5, 2007.
BACKGROUND: At the April 10, 2007 meeting, the Board of Commissioners took action
authorizing staff to pursue private placement financing with SunTrust Bank to acquire funding
an amount not to exceed $50,057,000 for various School and County Capital Projects. The
"not to exceed amount" was approved by the Board with the understanding that the projects for
the financing were considered to be "tentative". In addition, the Board scheduled a public..
hearing on matters related to the advisability of entering into the financing. Both Board actions
are part of the process required by the Local Government Commission (LGC) in order to obtain
financing for the. projects. The Board has scheduled a public hearing for May 3, 2007, at which
time the Board will be asked to take the final actions required to accomplish the financing.
After further discussions related to the proposed projects at the April 19, 2007 work session, the
attached listing of projects has been confirmed by the Board as the final projects to be included
in the financing. In order, to accomplish the actions required by the LGC at May 3; 2007
meeting, the Board is asked to officially approve the attached listing of projects totaling
$50,057,000.
FINANCIAL IMPACT: As mentioned in previous meetings, the financing is for $50,057,000 on
a 20-year term with an interest rate of 4.14%. The financing is structured in a manner that calls
for annual principal payments and semi annual interest payment with the first interest payment
due in January 2008 (fiscal year 2007-08) followed by principal and interest payments beginning
in fiscal year 2008-09. For fiscal year 2007-08, debt service for this financing totals $1,278,122
(just over 1 cent on the projected tax rate) and the 2008-09 debt service totals $4,518,250 for
principal and interest (about 3.5 cents on the projected tax rate). The County Manager will
include funding to repay the debt in the upcoming 2007-2008 fiscal year budget.
RECOMMENDATION (S): The Manager recommends that the Board formally adopt the listing
of projects to be included in the proposed alternative financing scheduled for action on May 3.
2007.
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