10-19-20 BOC Regular Meeting - Laserfiche WebLink

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III. PUBLIC HEARINGS III.A Public Hearing - FY 2022 NC DOT Community Transportation Program 5311 Grant Application Senior Services Director Debbie Davidson presented information for a public hearing on the FY 2022 NC DOT Community Transportation Program 5311 Grant Application for the County of Lee Transit System funding amounts proposed which include $226,336 with a $33,950 match for Administration and $206,485 with a $41,296 match for capital which includes three replacement vehicles with lifts, one 25 ft four station lift and two 20 ft LTVs. The public hearing was duly advertised in the Sanford Herald on October 8, 2020. The total budget impact is $432,821. At this time, Chair Dalrymple opened the public hearing for comment. No one spoke for or against the proposed grant. Chair Dalrymple closed the public hearing. Lee County FY 2022 PublicHearingNotice.doc Public Hearing Notice Spanish 2022.docx III.B Matters related to the refinancing of the County's 2016 Refunding Certificate of Participation Assistant County Manager/Finance Director Lisa Minter presented information regarding a public hearing for matters related to the refinancing of the County's 2016 Refunding Certificate of Participation. The proposed installment financing contract not to exceed $15,400,000 is for the purpose of(a) refinancing a prior installment financing obligation of the County entered into to finance (i) the construction and equipping of a new public middle school facility and a new multi-purpose room for the Floyd L. Knight School, (ii) the construction and equipping of a new parks and recreation facility, (iii) the renovation of various facilities at Central Carolina Community College and (iv) the installment of a new roof and other related improvements to the County's Civic Center and (b) paying certain financing costs related thereto. At the September 21, 2020 Board meeting, the Board was notified that Capital One, who holds the County's outstanding 2016 Certificate of Participation, had contacted Davenport regarding a potential refunding of the 2016 Certificates of Participation. Capital One is offering to amend the call provision and refund the entire issuance at an interest rate of 1.75%. The current rate is 2.79%. The deal will extend the call date on the debt from 10/21/2021 to 10/21/2026. The projected savings is $573,254 over eight years. The closing date is scheduled for November 18, 2020. The public hearing was duly advertised in the Sanford Herald on October 7, 2020. At this time, Chair Dalrymple opened the public hearing for comment. No one spoke for or against the proposed refinancing. Chair Dalrymple proceeded to close the public hearing. PH_Approving Resolution-Lee 2020 Refunding of 2016 COPs.DOC First Amendment to Deed of Trust - 2020 COP Refunding (2016 COP).DOCX Fourth Amendment to IFA-Lee 2020 Refunding of 2016 COPs.DOC Supplemental Indenture No. 4-Lee 2020 COPs Refunding (New).DOC Motion: Motion to waive policy to delay a vote on a public hearing until the next meeting.