Agenda - 10-20-2009 - 4m - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 20, 2009 Action Agenda Item No. ~-,~y~ SUBJECT: Adoption of Bond Order Authorizing General Obligation Refunding Bonds in the Maximum Amount of $27,000,000 to Refund Public Improvement Bonds Issued in 2001 and 2003 and Approval of Resolution Regarding Publication of Bond Order DEPARTMENT: Financial Services Department PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Bond Order Resolution Regarding Publication of Bond Order INFORMATION CONTACT: Gary Humphreys 919-245-2453 Bob Jessup 919-933-9891 PURPOSE: To adopt a bond order authorizing the issuance of General Obligation Refunding Bonds in the maximum amount of $27,000,000 to refund Public Improvement Bonds issued in 2001 and 2003 and to approve a Resolution Regarding Publication of Bond Order. BACKGROUND: At the October 6, 2009 meeting the Board of County Commissioners authorized application to the Local Government Commission for approval to issue General Obligation Refunding Bonds in an amount not to exceed $27 million and authorized staff to proceed with those actions necessary to proceed with the refunding. In order to proceed with the refunding, the Board of County Commissioners must adopt a bond order (attached) to issue the bonds. Additionally the Board of County Commissioners must adopt a resolution (attached) authorizing publication of a notice regarding the adoption of the bond order. FINANCIAL IMPACT: The resulting financial impact of this action is a savings in future debt service costs which will be determined when the bonds are sold. RECOMMENDATION(S): The Manager recommends that the Board: 1) Adopt the Bond Order for the issuance of General Obligation Refunding Bonds in the maximum amount of $27,000,000 to refund Public Improvement Bonds issued in 2001 and 2003; and 2) Adopt the Resolution Regarding Publication of Bond Order.