County Shares Timeline for New Area I Elementary School Funding/Construction

FOR IMMEDIATE RELEASE

November 2, 2017

COUNTY SHARES TIMELINE FOR NEW AREA I ELEMENTARY SCHOOL FUNDING / CONSTRUCTION

The Moore County Board of Commissioners and staff will work closely with Moore County Schools officials over the next several weeks to provide information, complete action, and meet deadlines to avoid any unnecessary delays in construction of a new Area I elementary school.

There are multiple steps that must be taken in order for the County to ultimately secure debt (financing), for contracts to be awarded, and for construction to begin.  This is true whether the debt is voter or non-voter approved.  The Board of Commissioners has already taken the initial step to secure funding for the Area I elementary school.  From that action, which occurred at the October 17, 2017 meeting, to loan closing, which is anticipated to be mid-January 2018, there are some key dates and steps leading to construction of the new school:

  • October 17, 2017 – The Board of Commissioners passed a resolution “making certain findings and determinations regarding installment financing…,” requested the Local Government Commission to approve the financing agreement, and called a public hearing to be held at the November 7, 2017 commissioners’ meeting.
  • November 7, 2017 – The Board of Commissioners will hold a public hearing regarding securing debt for the Area I school.  Other than holding the public hearing, there is no other action required by the Board of Commissioners at this time for the process to proceed.

To ensure the best financing terms are received, the County will look at both privately placed financing (direct bank loan) and publicly placed financing (limited obligation bonds).  The County has already issued a request for proposals from banking institutions which are due November 15, 2017.  Once the bids are received and reviewed, a decision will be made as to which avenue for financing provides the opportunity for the best terms and a recommendation will be prepared for the Board of Commissioners.

  • December 01, 2017 – The County will submit an application for securing debt to the Local Government Commission requesting approval of installment financing.
  • December 04, 2017 – Staff along with the County’s financial advisors will make the final recommendation to the Board of Commissioners as to the type of financing (private/public) and the bank to use, should private placement be the recommendation.
  • January 2 or January 9, 2018 – The Local Government Commission will hold its regularly scheduled January meeting and should approve the financing.  This approval assumes that the County and Schools have all of the necessary resolutions, permits, bids, etc.
  • January 9, 2017 – The Board of Commissioners will approve the final authorization resolution.
  • Mid-January 2018 – The loan closing and all necessary steps related to property transactions will be completed.

Subsequent to closing, construction contracts can be awarded and construction can begin.

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Contact:

Moore County Board of Commissioners  910-947-6403

Moore County Administration  910-947-6363

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