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There is not a public hearing related to issuing refunding bonds because the County's debt <br />obligation is not being increased. The refunding will come back to the Board for approval of the <br />Bond Order and final terms and conditions. The refunding bonds are sold through a <br />competitive process by the Local Government Commission. If there is not a reasonable savings <br />to the County then sale of the refunding bonds does not occur. <br />FINANCIAL IMPACT: The resulting financial impact of this action is a savings in future debt <br />service costs described above. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution 1) authorizing staff to proceed with an application requesting the Local Government <br />Commission's approval to issue up to $27 million of refunding bonds for the purpose of <br />refunding a part of the County's outstanding 2001 and 2003 General Obligation Bonds; and 2) <br />authorizing BB&T Capital Markets, a Division of Scott and Stringfellow, LLC ("BB&T Capital <br />Markets") to serve as Financial Advisor and the firm of Sanford Holshouser, LLP represented by <br />Bob Jessup to serve as Bond Counsel. <br />