Orange County NC Website
Browse       Search
� <br /> 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. On 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 lapsed in 2008. It is the intent of BOCC to issue the remaining <br /> $2.7 million for Parks and Open Space when financing is sought for elementary#11. <br /> 4/24/09 Alternative Debt Financing $ 2,800,000 <br /> Projects Funded Status <br /> Homestead Aquatics $ 500,000 Closed <br /> Cedar Grove Park 500,000 Active <br /> Fairview Park 700,000 Active <br /> Lands Legacy 1,100,000 Active <br /> Total $ 2,800.000 <br /> Lands Legacy <br />