Orange County NC Website
Browse       Search
maturity date for the refunding bonds will not <br />the eligible dates for sales of refunding bonds <br />extended from March 1, 2010 to April 15, 2010. <br />2 <br />extend beyond December 31, 2011. In addition, <br />provided for in the Prior Bond Resolution will be <br />The current scheduled date for the refunding bond sale is February 24, 2010, but this date is <br />subject to change based on market conditions, among other matters. <br />FINANCIAL IMPACT: The resulting financial impact of this action is a savings in future debt <br />service costs related to the 2004 bonds which will be determined when the bonds are sold. <br />Under current market conditions, cumulative savings of refunding the 2001, 2003 and a portion <br />of the 2004 General Obligation Bonds is approximately $450,000. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />1) Adopt the Bond Order authorizing the issuance of General Obligation Refunding Bonds <br />in the maximum amount of $7,000,000 to refund a portion of the 2004 Public <br />Improvement Bonds, in the form presented; <br />2) Adopt the Resolution regarding the publication of the Bond Order and the Amendment <br />to the Bond Resolution, in the forms presented; and <br />3) Authorize and direct staff to take the actions contemplated in such proceedings to <br />complete the proposed refunding bond issue. <br />