Orange County NC Website
Browse       Search
The Board considered authorizing the refunding of bonds issued in March 1993 and <br />bonds previously refunded in June 1993. <br />Finance Director Ken Chavious said that this item was to take the necessary actions to <br />allow the County to refund up to $28 million in bonds that were issued in 1993. The current <br />estimate is that by refunding these 1993 bonds, the County could save approximately $1.4 <br />million over the remaining term, which is about 11 years.. This would be about $125,000 <br />annually. He has requested permission from the LGC to pursue this undertaking. The plan is to <br />do this in March and it could be piggybacked with the regular bond sale to save some money in <br />the issuance costs. In order to do the refunding on schedule, the Board has to take some actions. <br />The first action is to introduce the bond order for the refunding bonds. The Board does not have <br />to vote on the bond order introductions. The second action is for the Board to adopt a resolution <br />that establishes January 21st as a public hearing on the refunding bond order. The resolution also <br />authorizes the Finance Director to file the sworn statement of debt and authorizes the Clerk to <br />publicize the notice of the public hearing. All appropriate documents have been prepared. <br />Chair Brown read the bond order title as follows: The Bond Order Authorizing the <br />Issuance of General Obligation Refunding Bonds in the Maximum Amount of $28 Million. <br />A motion was made by Commissioner Carey, seconded by Commissioner Gordon to <br />adopt the resolution setting a date for a public hearing, authorizing the Finance Director to file a <br />Debt Statement, and authorizing the Clerk to publish a Notice of Public Hearing as stated below: <br />RESOLUTION SETTING PUBLIC HEARING <br />AND AUTHORIZING FILING OF DEBT STATEMENT <br />WHEREAS, there has been introduced at this meeting a bond order entitled as follows: <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $28,000,000 <br />