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. ~4~ <br />.~ <br />Water Resources Development -- <br />Land Acquisition $ 1,000,000 <br />-•~~ Subtotal $ 1,000,000 <br />Total Bond Amount $3D,000,000; and <br />WHEREAS it ~s the intent of the Orange County Board of Commis- <br />sioners to seek approval of the voters of Orange County <br />at the general election .to be held in Orange County on <br />November 8, 1988 for Orange Gounty to issue general <br />obligation bonds. <br />IT IS RESOLVED THAT: <br />. 1. Orange County intends, on November 8, 1988, to seek ap- <br />proval of the voters of Orange County for Orange County to issue <br />general obligation bonds totaling $30,000,000.00, as detailed <br />above , in <br />~~ <br />2 ~. <br />timely ba <br />d ing June <br />;~. <br />3 :` <br />order to implement the Capital Improvement Plan. <br />Orange County has made all debt service payments on a <br />sis as evidenced. by its audit reports for the years en-~• <br />30, 1987. <br />According to Orange County's audit report for the fis- <br />cal year ending June 30, 1987, its budgetary and fiscal manage- <br />~ -~ <br />ment policies have been carried out in compliance with law. <br />4. In_order to meet the increase in debt service occa- <br />sioned by the repayment of the proposed bonds entirely from <br />proceeds of Orange County property taxes, it is estimated that a <br />$.09 tax increase would be necessary. However, it is anticipated <br />that only a $.031 tax increase will be necessary to meet the in- <br />crease in debt service, with the balance taming principly from <br />- 3 <br />