Agenda - 03-04-2010 - 1 - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: March 4, 2010 Action Agenda Item No. ~... SUBJECT: Adoption of an Amendment to the Bond Resolution for the Approved Issuance of General Obligation Bonds to Refinance County Bonds Issued in 2001 and 2003 DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Amendment to Bond Resolution Clarence G. Grier, 919-245-2453 Bob Jessup, 919-933-9891 PURPOSE: To amend the approved Bond Resolution for the issuance of General Obligation Bonds to refinance County bonds issued in 2001 and 2003. BACKGROUND: On December 15, 2009, the Orange County Board of Commissioners adopted a resolution (the "Prior Bond Resolution") to approve the issuance of general obligation refunding bonds in the maximum amount of $27,000,000 to refinance County bonds issued in 2001 and 2003. The December 15 resolution provided for the refunding bonds to mature not later than December 31, 2021. The County's financial adviser advised the County that this was the best overall arrangement for carrying out the refunding calls as the bonds matured. As a result of the bond sale, the general obligation bonds issued to refinance the County's 2001 and 2003 bonds will mature in February 2022. Thus, the Prior Bond Resolution requires an amendment to the approved maturity date of the bonds to close the bond sale. The result of the bond sale was a savings of $1,120,543 in future debt service. FINANCIAL IMPACT: There is not a financial impact of this action. RECOMMENDATION(S): The Manager recommends that the Board: 1) Adopt the Resolution regarding the amendment to the December 15, 2009 Bond Resolution to extend the maturities of the bond sale to refinance the County's 2001 and 2003 bonds to December 31, 2022; and 2) Authorize and direct staff to take the actions contemplated in such proceedings to complete the closing of the refunding bond issue.