RES-2005-057 Adoption of Bond Sale Resolutions

Browse Search

~~ g-~ ~~~ ~~~~s 7~- 8 WHEREAS: ~ ~ ~3 I-vim RESOLUTION FOR A BOND SALE ~o The voters of Orange County, North Carolina (the "County"), on November 6, 2001, approved the issuance of County general obligation bonds for various purposes, including schools and senior centers (the "Referendum Bonds"). In addition, on June 23, 2005, the County's Board of Commissioners (the "Board") authorized the issuance of up to $35,000,000 of County general obligation refunding bonds (the "Refunding Bonds"). The Refunding Bonds do not require referendum approval. The Referendum Bonds and the Refunding Bonds will be referred to collectively in this resolution as the "Bonds". The Board has determined that the County should now issue the Refunding Bonds and a portion of the Referendum Bonds. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Sell Referendum Bonds -The County will issue and sell Referendum Bonds for their authorized purposes, as follows: As much as all of the $3,500,000 authorized and unissued bonds for senior centers; and As much as all of the $25,685,000 authorized and unissued school bonds. These bonds will be sold as a single issue of bonds to be designated "General Obligation Public Improvement Bonds, Series 2005." 2. Determination To Sell Refunding Bonds -- The County will also issue and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds will be designated "General Obligation Refunding Bonds, Series 2005." The Refunding Bonds maybe sold as a separate issue but simultaneously with the Referendum Bonds or may be combined for sale as a single issue with the Referendum Bonds, as the County's Finance Officer may determine in consultation with the North Carolina Local Government Commission (the "LGC").