Agenda - 01-20-2000 - 7a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. 7-Q ACTION AGENDA ITEM ABSTRACT Meeting Date: January 18, 2000 SUBJECT: Public Hearing and Adoption of Bond Orders for Two-Thirds Bonds DEPARTMENT: Finance PUBLIC HEARING: (Y/1~ yew ATTACHMENT(S): Bond Order For Adoption Resolution Regarding Publication of Order INFORMATION CONTACT: Ken Chavious TELEPHONE NUMBERS: - -ext. 2453 Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 PURPOSE: To conduct the required public hearing for the issuance oftwo-thirds bonds and to consider final adoption of the Bond Order and Publication Resolution. BACKGROUND: At the December 7, 1999 meeting, the Board introduced the Bond Order authorizing the issuance of two-thirds net debt reduction general obligation bonds totaling $2,846,000 for the purpose of financing major renovations to the Whiffed Human Services Center and Northern Human Services Center. In addition, the Board took action to establish January 18, 2000 as the date on which a Public Hearing on the Bond Order would be held and authorized the Clerk to publish a Public Hearing Notice and the Finance Director to file a Sworn Statement of Debt. The Board also expressed interest in receiving more detail on the projects identified for the two-thirds funding prior to holding the public hearing. Staff has prepared a presentation providing specific details related to each project proposed for the two-thirds funding. After the presentation, the required Public Hearing should be held. The Clerk to the Board has published the Public Hearing notice within the required time frame and the Finance Director has filed the Sworn Statement of Debt as required by the Local Government Commission. Once the Public Hearing is closed, final action can be taken on the Bond Order if the Board so desires. The Bond Order for adoption is attached and is in a form identical to the form introduced at the December 7, 1999 meeting. If the Board chooses to adopt the Bond Order, a resolution to authorize publishing notice of such adoption would also require Board action. The required resolution is also attached. Separate actions are required for the Bond Order and the resolution. FINANCIAL IMPACT: There is no financial impact related to the adoption of the Bond Order, however, once bonds are finally sold it is estimated that annual debt service costs could range from $200,000 to $230,000.