Orange County NC Website
Browse       Search
2 <br />It is requested that the Board: <br />1) Authorize staff to proceed with an application requesting the Local Government <br />Commission's approval of the September 2010 proposed refunding at the December <br />2010 meeting; <br />2} If the LOBs cannot be issued and sold at the LGC's December meeting, allow staff to <br />leave the application on hold with the LGC until such time, not extending beyond six <br />months, that the LOBs can be issued. If the LOBs cannot be issued after six months, <br />staff will cancel the issuance/sale with the LGC; and <br />3) Authorize staff to move forward with BB&T to obtain a rate reduction for the 2006 <br />Installment Purchase Note Payable. <br />FINANCIAL {MPACT: The financial impact of proceeding with the above actions is that the <br />County will possibly be able to achieve savings of future debt service cost. The total amount of <br />future savings wi{I be determined as the County moves closer to the potential issuance of the <br />debt. <br />RECOMMENDATION(S): The Manager recommends that the Board receive the update and: <br />1) Authorize staff to proceed with an application requesting the Local Government <br />Commission's approval of the September 2010 proposed refunding at the December <br />2010 meeting; <br />2) if the LOBs cannot be issued and sold at the LGC's December meeting, allow staff to <br />leave the application on hold with the LGC until such time, not extending beyond six <br />months, that the LOBs can be issued. If the LOBs cannot be issued after six months, <br />staff will cancel the issuancelsale with the LGC; and <br />3) Authorize staff to move forward with BB&T to obtain a rate reduction for the 2006 <br />Installment Purchase Note Payable. <br />