RES-2011-083 Resolution Authorizing Application to the Local Government Commission to Issue Up to $17.04 Million in General Obligation Refunding Bonds

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~~5-aa~l-Og3 3 RESOLUTION GIVING PRELIlVIINAR'Y APPROVAL TO THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS WHEREAS -- Orange County has previously issued its $25,140,000 General Obligation Public Improvement Bonds,- Series 2004A and 2004B (the "Prior Bonds"). The Prior Bonds remain outstanding in~ the approximate principal amount of $17,040,000. The Finance Officer has provided information to the Board indicating that refinancing the Pr-ior Bonds by issuing a new series of refunding bonds would provide savings to the County. BE IT RESOLVED by the Board of Couimissioners of Orange County, North Carolina, as follows: Y. Approval for Refunding Bonds -- The Board makes a preliminary determination to proceed with the refinancing of the outstanding balance of the Prior ffonds through the County's issuance of a new series of general obligation refunding bonds. The Board will make a final-determination to proceed with the refinancing, and to give final approval of the te~~-ms of any refunding bonds, by one or more subsequent Board actions. 2. Staff to proceed with refunding issue -The County Manager, the Finance Officer and other County representatives are authorized and directed to take all proper steps to proceed with the refunding, including proceeding with an application to the North Carolina Local Governrn~nt Commission for its required approval of the refunding bonds. The Board appoints 'the Finance Offieer as -the County's authorized representative with respect to the LCC application process. 3. Approval of Bond Counsel and Financial Advisor -- The County appoints Robert M. Jessup of Sanford Holshouser LLP as the County's bond counsel with respect to the proposed refunding bonds, and appoints Davenport & Co. LLC to serve as the County's financial adviser with respect to the proposed refunding bonds. 4. Miscellaneous Provisions -- Ail County officers and employees- are authorized and directed to take all such further action as they may consider necessary or desirable in connection with the furtherance of the purposes of this resolution. All such prior actions of County officers and employees are ratified, approved and c~nfu-med. All other resolutions, or parts thereof, in conflict with this resolution .axe repealed, to the extent of the conflict. This resolution takes. effect immediately.