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of trying to make the agrarian economy locally oriented is fairly new. He said that it was nice to see that <br />Orange County is at the forefront of something new and creative. <br />Commissioner Jacobs suggested that County employees should be identified by names outside their <br />doors instead of by position. He would like this to be in many of the County buildings. <br />Chair Gordon announced that Orange County received $143,000 that will help purchase the Duke <br />Forest property. <br />Commissioner Halkiotis suggested that the Environment and Resource Conservation Department <br />should keep a visual scorecard of all money received since it is the newest County department. <br />4. COUNTY MANAGER'S REPORT - NONE <br />5. RESOLUTIONS/PROCLAMATIONS <br />a. Sale of 1997 Bonds and Two-thirds Net Debt Reduction Bond Issuance <br />The Board considered the initial sale of bonds approved by the voters in 1997 and a resolution <br />authorizing staff to pursue the issuance of two-thirds net debt reduction bonds. <br />John Link said that the sale of these bonds is the source of funding that was projected in the CIP <br />for the major renovations and repairs needed for the Whiffed Human Services Center and the Northern <br />Human Services Center. <br />Finance Director Ken Chavious summarized the information in the agenda. The major portion of <br />these bonds are school bonds. He said that $24 million represents all of the 1997 bonds for the Chapel Hill- <br />Carrboro school district and Orange County has an additional $12.5 million that will be sold at a later date. <br />The remainder of the bonds that will be sold is $2.8 million in parks bonds. The total 1997 bond sales that <br />are being proposed total $37,328,000. <br />Commissioner Carey asked about the interest rate. <br />Ken Chavious said that right now the bond buyer's index is 5.5%. He said that the County <br />normally gets 50-80 basis points below that with the AA plus rating, which would make the interest rate in the <br />high fours or low fives. <br />Commissioner Jacobs asked about the impact on the property tax. <br />Ken Chavious said that $40 million was identified initially that could be paid for without a tax <br />increase. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Carey to authorize <br />the staff to carry out all administrative steps associated with the sale of the 1997 bonds in the amount of <br />$37,328,000; and adopt the resolution related to the issuance of two-thirds bonds in the amount of <br />$2,846,000 as stated below: <br />ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION <br />Whereas growth in Orange County has been, and is predicted to continue to be significant; and <br />Whereas with the growth there has been and continues to be an ever-increasing demand for County <br />services; and <br />Whereas County facilities are inadequate to provide the space necessary to deliver the demanded County <br />services or to provide certain opportunities to County citizens; and <br />Whereas the Orange County Commissioners have initiated, reviewed, and received public comment on a <br />ten-year Capital Improvement Plan (hereinafter referred to as CI P) in order to address the facilities needs of <br />the County; and <br />Whereas it is impractical to fund the facilities construction and improvements necessary to implement the <br />CIP and County policies with "pay as you go" revenues generated wholly from the current property taxes, <br />current sales taxes, and other current revenue; and