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Two-Thirds Net Debt Reduction <br />> Orange County will not issue any new <br />bonded debt in the current fiscal year <br />> Board has authority, subject to formal <br />approval by the Local Government <br />Commission, to issue approximately $2.8 <br />million intwo-thirds bonds <br />> Use the bonds to fund renovations at <br />Whiffed and Northern Human Services <br />Centers <br />Benefits of Two-Thirds Bonds <br />> Lowest possible interest rates <br />> Most secure, backed by "full faith and credit" of <br />Orange County <br />> Lower administrative and issuance costs resulting <br />from "piggybacking" the sale of 2/3 bonds and <br />1997 bonds <br />4 <br />