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Re: Response to Question from Commissioner Earl McKee <br />Question: <br />What was the amount of alternative debt financing sold to replace Parks and Open Space <br />Bonds authorized in 2001, since the authorization lapsed in 2008? Specifically what was the <br />amount of alternative debt financing sold for Lands Legacy projects, and which projects were <br />financed with the proceeds from the sale? <br />Background: <br />In 2001 the voters of Orange County approved the issuance of $75 million dollar of General <br />Obligation Bonds. Included in the $75 million total was $20 million approved for Parks and <br />Open Space. There is a 7 year window to issue General Obligation Bonds after the voters <br />authorized the bonds in November 2001. As of the end of 2008 only $14.5 million of the <br />authorized Parks and Open Space bonds had been issued and the authorization to issue the <br />additional $5.5 million lapsed. Or April 24, 2009 the BOCC approved the issuance of $28.2 <br />million of alternative financing bank qualified tax exempt debt, including $2.8 million for parks <br />and open space. The BOCC approved the $2.8 million to replace part of the $5.5 million <br />originally authorized in 2001 but,'19ipsed in 2008. It is the intent of BOCC to issue the remaining <br />$2.7 million for Parks and Open Spafce when financing is sought for elementary #11. <br />;Iko , <br />4/24/09 Alternative Debt Financing <br />Projects Funded <br />Homestead Aquatics <br />Cedar Grove Park <br />Fairview Park <br />Lands Legacy <br />Total <br />Lands Legacy <br />$ 500,000 <br />$ 2,800,000 <br />500,000 <br />' 700,000 <br />1,100,000 <br />$ 2,800.000 <br />Status <br />Closed <br />Active <br />Active <br />Active <br />