RES-2003-003 Setting PH and Authorizing Filing of Debt Statement

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