Title
Vote on a request to set a public hearing on June 17, 2019 at 6:00 PM to receive public comment on a proposed borrowing.
Abstract
Action Requested: Vote on a request to set a public hearing on June 17, 2019 to receive public comment on a proposed borrowing.
Introduction & Background: In 2009, the County borrowed money for the construction of the Chatham Community Library. A portion of that borrowing is now eligible for potential refunding at a lower interest rate.
Discussion & Analysis: The total amount of the refinancing would be $7,505,000. The current interest rate on this outstanding amount is 5.1%. Staff believes that refinancing in the current market environment could enable the County to save on interest costs.
Staff is hopeful that the refinancing will be completed by July 12. As part of the refinancing, a public hearing on the financing contract must be held after a publication of a notice with respect to the public hearing. Because of the limited time frame, the County needs to proceed with publishing the notice and scheduling a public hearing. Additional information will be provided and other approving resolutions will be presented at the June 17th meeting.
Budgetary Impact: Undetermined at this time but potential positive impact.
Recommendation: Vote on a request to set a public hearing on June 17, 2019 to receive public comment on a proposed borrowing