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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 16, 2010 <br />Action Agenda <br />Item No. 4-k <br />SUBJECT: To Adopt Final Bond Resolution Authorizing the Issue of Limited Obligation <br />Refunding Bonds in the Maximum Amount of $101.6 million, and to Issue Additional <br />$2 million to Finance Computer Hardware/Software and Communications Equipment <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />1.Resolution <br />2. Preliminary Draft Official Statement Clarence Grier 919-245-2453 <br />3. Draft Deed of Trust and Security Bob Jessup 919-933-9891 <br />Agreement <br />4. Draft Trust Agreement <br />5. Draft Bond Purchase Aareement <br />PURPOSE: To adopt final bond resolution authorizing the issue of Limited Obligation <br />Refunding Bonds in the maximum amount of $101.6 million, and to issue an additional <br />$2 million in financing for computer hardware/software and communications equipment. <br />BACKGROUND: At the October 19, 2010 meeting, the Board of County Commissioners <br />authorized an application to the Local Government Commission (LGC) for approval to issue <br />Limited Obligation Refunding Bonds in an amount not to exceed $101.6 million, and the <br />issuance of an additional $2 million to finance computer hardware/software and <br />communications equipment. Additionally, the Board of County Commissioners authorized staff <br />to proceed with the actions necessary to move forward with the refunding. The Board of County <br />Commissioners adopted the bond order to issue the bonds at the October 19, 2010 board <br />meeting. The Bond Order was published October 22, 2010. <br />Market rates have recently increased which has reduced the savings from the refunding, but not <br />below the minimum 3% required by the LGC to proceed with the sale. The savings achieved <br />will be positively or negatively impacted by future market conditions. The scheduled sale date is <br />December 9, 2010. <br />In order to proceed with the refunding the Board of County Commissioners must adopt a <br />Resolution for the Sale of Refunding Bonds (attached). <br />