Dare Board of Commissioners takes steps to finance projects
Dare County commissioners took the first step in financing the capital improvement projects underway at their November 16 meeting.
The financed amount will not exceed $34,250,000 to pay for the following projects and purchases:
– College of The Albemarle new academic building construction and renovations to the COA Professional Arts Building at $16,359,487;
– Health and Human Services new construction and renovations at $5,738,583;
– Animal Shelter new construction at $6,596,988;
– Manteo High School roof replacement at $1,012,600;
– Property acquisitions at Manteo including renovations at $789,959 and Buxton at $320,959; and
– Purchasing mobile data computers and EMS cardiac monitors for $1,498,316.
A hearing on the financing is scheduled for Monday, Dec. 7.
The Health and Human Services facility at 107 Exeter St. in Manteo will be pledged under the deed of trust. “No property tax increase is necessary to finance the projects,” states an explanation about the financing.
“The resolution uses a not to exceed amount of $34,250,000 which allows for a large original issue discount if needed for the public sale of the bonds,” states the explanation. The total amount of the projects is $32,315,976.
The resolution authorizes the county’s finance director to contract for a principal amount of not to exceed $34,250,000; file an application with the North Carolina Local Government Commission; and retain Parker Poe Adams & Bernstein as bond counsel, DEC & Associates as Financial Advisor, Piper Scott & Co. as Underwriter and The Bank of New York Mellon as Trustee.
In another move, the commissioners adopted a resolution requesting the trustee of a series of limited obligation bonds to release the small parcel of land at the College of The Albemarle campus. The land in question, which is to be sold to the adjoining landowner, is pledged as collateral for the bonds.
The commissioners approved an accounting services agreement with the Saving Lives Task Force, a non-profit corporation, which works with the Dare County Health Department. The task force requested the agreement, which allows Dare County to hold funds and process accounting transactions for the task force. Similar agreements are in place for Dare County Airport Authority, the Wanchese Community Center and the Stumpy Point Community Center.
College of The Albemarle is responsible for outfitting the new academic building in Manteo. The college’s foundation proposes to raise funds through naming opportunities of various classrooms, labs and halls.
“Any excess funds collected would be used by COA to fund future programs,” states the agenda explanation. The opportunities range from $10,000 to $75,000 for rooms, labs and the lecture hall. The top opportunity is $5 million for naming the new academic building.
The commissioners approved the schedule of values.