Orange County Board of Commissioners Agenda Regular
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Orange County Board of Commissioners Agenda Regular Meeting Note: Background Material September 17, 2019 on all abstracts 7:00 p.m. available in the Southern Human Services Center Clerk’s Office 2501 Homestead Road Chapel Hill, NC 27514 Compliance with the “Americans with Disabilities Act” - Interpreter services and/or special sound equipment are available on request. Call the County Clerk’s Office at (919) 245-2130. If you are disabled and need assistance with reasonable accommodations, contact the ADA Coordinator in the County Manager’s Office at (919) 245-2300 or TDD# 919-644-3045. 1. Additions or Changes to the Agenda PUBLIC CHARGE The Board of Commissioners pledges its respect to all present. The Board asks those attending this meeting to conduct themselves in a respectful, courteous manner toward each other, county staff and the commissioners. At any time should a member of the Board or the public fail to observe this charge, the Chair will take steps to restore order and decorum. Should it become impossible to restore order and continue the meeting, the Chair will recess the meeting until such time that a genuine commitment to this public charge is observed. The BOCC asks that all electronic devices such as cell phones, pagers, and computers should please be turned off or set to silent/vibrate. Please be kind to everyone. Arts Moment – Emily Cataneo is a graduate of North Carolina State University’s creative writing MFA. Her short fiction has appeared in magazines such as Nightmare, Lightspeed, cream city review, Smokelong Quarterly, and Beneath Ceaseless Skies, and was long listed for Best Science Fiction and Fantasy 2016 and mentioned in Best Science Fiction and Fantasy 2018. She is a journalist whose nonfiction has appeared in venues such as Slate, NPR, and the Boston Globe. Currently, she is the co-founder of the Redbud Writing Project, the Triangle’s only adult education creative writing school, which offers six-week courses in memoir, fiction, and novel. 2. Public Comments (Limited to One Hour) (We would appreciate you signing the pad ahead of time so that you are not overlooked.) a. Matters not on the Printed Agenda (Limited to One Hour – THREE MINUTE LIMIT PER SPEAKER – Written comments may be submitted to the Clerk to the Board.) Petitions/Resolutions/Proclamations and other similar requests submitted by the public will not be acted upon by the Board of Commissioners at the time presented. All such requests will be referred for Chair/Vice Chair/Manager review and for recommendations to the full Board at a later date regarding a) consideration of the request at a future regular Board meeting; or b) receipt of the request as information only. Submittal of information to the Board or receipt of information by the Board does not constitute approval, endorsement, or consent. b. Matters on the Printed Agenda (These matters will be considered when the Board addresses that item on the agenda below.) 3. Announcements, Petitions and Comments by Board Members (Three Minute Limit Per Commissioner) 4. Proclamations/ Resolutions/ Special Presentations 5. Public Hearings a. Public Hearing on Refinancing Existing Bond Obligations 6. Regular Agenda a. Refund Request from John C. and Judith K. Guibert, Lake Orange Property 7. Reports 8. Consent Agenda • Removal of Any Items from Consent Agenda • Approval of Remaining Consent Agenda • Discussion and Approval of the Items Removed from the Consent Agenda a. Minutes – None b. Refund of Overpayment of Excise Tax c. FY 2019-20 Home and Community Care Block Grant for Older Adults Funding Plan d. Amendments to North Chatham Fire Protection and Emergency Services Agreement e. Link Building Remediation Project – Rejection of Bids 9. County Manager’s Report 10. County Attorney’s Report 11. *Appointments a. Advisory Board on Aging – Appointment b. Affordable Housing Advisory Board – Appointments c. Arts Commission – Appointments and Term Extension d. Board of Health – Appointment e. Chapel Hill Orange County Visitors Bureau – Appointments f. Nursing Home Community Advisory Committee – Appointment g. Orange County Parks and Recreation Council – Appointment h. Orange County Planning Board – Appointment 12. Information Items • September 3, 2019 BOCC Meeting Follow-up Actions List 13. Closed Session Pursuant to G.S. § 143-318.11(a)(3) "to consult with an attorney retained by the Board in order to preserve the attorney-client privilege between the attorney and the Board.” 14. Adjournment Note: Access the agenda through the County’s web site, www.orangecountync.gov *Subject to Being Moved to Earlier in the Meeting if Necessary Orange County Board of Commissioners’ regular meetings and work sessions are available via live streaming video at orangecountync.gov/967/Meeting-Videos and Orange County Gov-TV on channels 1301 or 97.6 (Spectrum Cable). 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 17, 2019 Action Agenda Item No. 5-a SUBJECT: Public Hearing on Refinancing Existing Bond Obligations DEPARTMENT: Finance and Administrative Services ATTACHMENT(S): INFORMATION CONTACT: Attachment 1. Public Hearing Notice Gary Donaldson, (919) 245-2453 Attachment 2. Resolution Paul Laughton, (919) 245-2152 Attachment 3. Refinancing Summary Bob Jessup, (919) 933-9891 Attachment 4. PowerPoint PURPOSE: To conduct a public hearing on the issuance of up to $24 million to refinance existing debt to achieve debt service savings; and approve a related resolution supporting the County’s application to the Local Government Commission (LGC) for approval of the refinancing plan. BACKGROUND: The County and its financing team estimates that the total amount to be refinanced is an amount Not to Exceed $24 million in Limited Obligation Bonds. Although the Refinancing Summary (Attachment 3) currently identifies a principal amount to be refinanced of $16.6 million, the actual amount to be refinanced is contingent on prevailing market conditions at the time of market pricing. The Not to Exceed amount provides sufficient pricing considerations and flexibility for the financing team as it works to secure the lowest interest costs and maximize debt service savings. If the Board adopts the resolution indicating its intent to continue with the refinancing plan, the Board will be asked to consider a resolution giving final approval to the refinancing plans at the October 1, 2019 BOCC meeting. A copy of the published notice of this hearing is provided as Attachment 1. North Carolina General Statutes require that the County conduct a public hearing on the proposed financing. 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 refinancing. 2 The refinancing of existing installment bond obligations is designed to provide savings to the County without extending the terms of the existing loans (Attachment 3). The proposed financing would be secured by a lien on some or all of the property purchased or improved through the loans that are being refinanced, as well as the County’s promise to repay the financing. Five Refunding Bond Opportunities Original Current Market Interest Rates Interest Rates 2010 General Obligation Bonds 3.49% 1.91% 2012 Installment Financing 2.45% 1.65% 2013 Installment Financing 2.13% 1.34% 2016 Installment Financing Draw 2 2.55% 1.44% 2016 Installment Financing Draw 1 2.30% 1.59% FINANCIAL IMPACT: There is no financial impact related to conducting the public hearing and considering the resolution. However, there will be a financial impact in proceeding with the refinancing. A preliminary estimate of the net present value savings through final loan maturity is $649,464 based on current market estimates as of August 28, 2019. The net present value savings represents 3.90% of the refunded bonds. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to this item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal impact associated with this item. RECOMMENDATION(S): The Manager recommends that the Board conduct the public hearing and adopt the resolution supporting the application to the Local Government Commission for approval of the refinancing. 3 Attachment 1 Orange County, North Carolina -- Notice of Public Hearing Refinancing of Various Existing County Financing Obligations The Board of Commissioners of Orange County, North Carolina, will hold a public hearing on Tuesday, September 17, 2019, at 7:00 p.m. (or as soon thereafter as the matter may be heard). The purpose of the hearing is to take public comment concerning a proposed financing contract, under which the County would borrow an amount expected as not exceed $24,000,000 to refinance existing financing obligations and to pay related financing costs. The hearing will be held in the Commissioners’ usual meeting room in the County’s Southern Human Services Center, 2501 Homestead Road, Chapel Hill, North Carolina 27516. The refinancings are designed to provide savings to the County without extending the terms of the existing loans. The County expects the refinancings will be combined with a new County financing contract