|
 | |||||||||||||||||||||
| |||||||||||||||||||||
|
|||||||||||||||||||||
|
|
THE BOARD OF COUNTY COMMISSIONERS DURHAM, NORTH CAROLINA Monday, November 5, 2001 9:00 A.M. Worksession AGENDA 1.
Citizen Comments The following citizens have
requested time on the agenda to make comments to the Commissioners. Please note their written requests. 1.
Phillip W.
Evans Esq. 2.
Jack Steer 1a. Appointment to Board of Equalization
and Review Mr. Call Smith has previously resigned from the
Board of Equalization and Review. He
was the recommended appointee of Commissioner Heron. Commissioner Heron has recommended that Mr. Charles W. Smith,
MAI, SRPA be appointed in his place. County Manager?s Recommendation: Due to the meeting schedule of the Board of Equalization and Review,
suspend the rules and appoint Mr. Charles W. Smith to serve in the place of Mr.
Call Smith. 2. Capital Improvements Program for the Raleigh-Durham
Airport Authority Representatives
from the Raleigh-Durham Airport Authority are present to discuss the Airport?s
Capital Improvement Program, as well as the Authority?s strategy for increasing
participation by minority firms competing for contracts. Resource Persons: David Powell, Director of
Facilities; Cleon Umphrey, Director of Human Resources
County Manager?s Recommendation: Receive the report and advise the staff if any additional
action is necessary. 3. Refunding Bonds and 2/3s Bonds Two bond issues separate and apart from the
November general obligation bonds are to be discussed. The first is a refunding bond proposal which
has been proposed by our financial consultant, Davenport & Company,
L.L.C. Davenport has suggested that the
County Commissioners authorize the refunding of approximately $35,485,000 in
1992 bonds. The projected net savings
would be $1,502,402. This is based on
current market rates, and the savings can and probably will fluctuate with
market conditions. In refunding the
existing bonds, no additional debt will be incurred. This is just a restructuring of existing debt. It should also be noted that the refunding
bonds will be paid off in the same time period as the existing 1992 bonds. The actual amount to be requested in the
legal documents to be approved will be an amount not to exceed
$39,000,000. This will allow for
additional savings if market conditions are favorable at the time of the actual
bond sale. A copy of the refunding
analysis is attached. The second bond issue is the 2/3's bonds which is a part of the County?s
Capital Improvements Plan (CIP). The
maximum amount available for issue is approximately $11.3 million. The proposed usage in the CIP of the bond
proceeds are for a New Justice Center Planning and Land Acquisition --
$9,462,821 and a New Justice Center Parking Planning -- $1,488,900. Due to changes being considered in the
financing of the parking decks, as directed by the Board of Commissioners, it
is proposed that the financing for the planning of the parking be deferred
until a decision on parking is finalized.
In the place of the planning for parking, it is proposed that the Board
utilize the bond capacity for the purchase of the old Lowe?s Grove School
property for use as a library site. It should be recalled that 2/3's bonds are general obligation bonds
which are limited to 2/3's of the amount of principal debt retired in the
previous fiscal year. These bonds do
not require voter approval, and for this reason, are the most cost-effective
form of financing available to the County.
These bonds must be issued before the refunding bonds. Resource Person(s):
Chuck Kitchen, County Attorney; Pam Meyer, Budget Director; and George Quick,
Finance Officer County Manager?s Recommendation: Receive the information from staff and direct the preparation of the
legal documents for the Board?s Meeting on November 12, 2001. 4. Transportation Improvement Program
(TIP) for FY 2004-2010 The Transportation Improvement Program (TIP) determines how state and
federal transportation funds will be spent throughout Durham County and the
State of North Carolina in upcoming years.
The biannual TIP preparation begins with a process of setting of
priorities by local jurisdictions. Each
jurisdiction gives a priority recommendation for transportation projects which
have not been funded or which are partially funded. At the meeting, a member of the City Transportation staff will
provide background on the process and make a presentation on proposed road
projects. In the past, the Board of
County Commissioners has elected to hold a public hearing on the TIP. It is suggested that a public hearing be
scheduled for November 26, 2001 to allow a 3-week comment
period. The proposed priority list will
be advertised prior to the hearing.
Following the public hearing, the TIP priorities should be adopted by
the Board. Attachments: I. Map #1 TIP Project Map
for Durham County J. Draft 2001 Durham
County Priority List and Resolution of Endorsement Resource Person(s): Wesley
Parham, Senior Transportation Engineer; Bonnie Estes, Planning Department; and
County representative on the Durham-Chapel Hill-Carrboro MPO. County Manager?s Recommendation: The Manager?s recommendation
is that the Board receive the presentation and schedule a public hearing for
November 26, 2001. 5.
Performance Report for Health Care Trust
Fund Durham County has received the custodial reports from First Citizens for
the year ending September 30, 2001 for the Health Care Trust Fund. A performance summary is provided below:
Based on
the benchmarks, three of the four firms registered earnings in excess of the
benchmark, some better than others. The
yield on that portion of the portfolio managed by US Trust falls below the
benchmark established and well below the performance of MDL. The only reason for this difference appears
to be the mix in the two portfolios.
The ratio of U.S. Government Bonds to Corporate Bonds for MDL is 45% to
55% while US Trust is 40% to 60%. The Equity Managers also performed
outstandingly in a market that saw equities take a beating during the third
quarter 2001. Both managers
out-performed the market with Wedge registering an investment gain. Resource Person(s): George K. Quick, Finance
Director County Manager?s Recommendation: Based on the performance of MDL, it is recommended that
their fund level be increased by $3,000,000 and US Trust be reduced by
$3,000,000. The Equity side should
remain unchanged. 6. Community
Development Block Grant?2002 Scattered Site Housing From the State Department
of Commerce Division of Community Assistance The State Department of Commerce - Division of
Community Assistance has made available to the County of Durham
approximately $400,000 in grant funds for the purposes of rehabilitating
low-income housing. Recent changes by
the General Assembly now provide that all eligible counties receive these funds
every three years on a noncompetitive basis.
The funds can only be used in the unincorporated areas and the
County. Staff is requesting the Board?s
permission to pursue participation in the 2002 Scattered Site Housing Program. Resource Person (s):
Wendell M. Davis, Deputy County Manager County Manager?s Recommendation: The
Manager?s recommendation is that the Board receive this presentation and
authorize the Manager at the November 12, 2001 meeting to prepare an RFP for
consulting services. The consultant
will prepare and submit the application to the Division of Community
Assistance on the County?s behalf. The
consultant may also be selected to administer the program once funded by the
state. The application deadline for
receiving the funds is February 28, 2002.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
