Orange County NC Website
"2001 bonds? <br />In previous capital project ordinances, it is shown that transfer from other <br />projects. in this ordinance eliminates that. The altemative financing replaces the <br />2001 bond funding that was to be used for this project. <br />GENERAL COMMENTS <br />A. Comments on capital ordinances in Sections 1, 2, 3 of the agenda materials <br />1. Correct any typos in the text of the ordinances. <br />2. Adopt a standard format for all capital project ordinances. <br />3. Make sure that for all capital project ordinances where it is applicable, the <br />following sentence, or similar wording, is included in Section 1: <br />"Alternate financing has been issued in place of 2001 bond funds." <br />B. Comments on the proposed Capital Project Monitoring and Administrative <br />Procedures <br />Follow all of the procedures in Section 1 and apply them to the ordinances being <br />considered, with particular attention to eliminating the use of the terms "Transfer <br />to Other Project" and Transfer from Other Project" <br />POSSIBLE MOTION - <br />1.Approve the amended capital project ordinances, as revised by the <br />Commissioners during their discussion. This means that it is the capital project <br />ordinances themselves that are being approved, and not the text explaining the <br />ordinances in other parts of the agenda materials. <br />2. Approve the following statement with respect to the relationship of the 2001 <br />bonds and alternative financing: <br />The Board of County Commissioners (BOCC) has authorized the substitution of <br />alternative financing for certain projects approved by the voters in the 2001 bond <br />referendum. In the future the remaining $2.7 million debt may be issued as <br />general obligation bonds, or as alternative financing. <br />3. Provide to the BOCC in the fall, preferably in September 2009, a status report <br />on the 2001 bond projects, including the amount of 2001 bond funds (or <br />substituted alternative financing) that was spent on each project. <br />4. Adopt the "Capital Project Monitoring and Administrative Procedures" in <br />principle and provide the two school systems with an opportunity to comment. <br />TWO ADDITIONAL POINTS <br />Commissioner Gordon made two additional points about the capital project <br />ordinances. <br />