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Recognition of Children's Services Staff <br />There are 50 members of the staff, but they could not all be in attendance. John Link recognized <br />Social Services Director Nancy Coston and Chair of the Social Services Board Dee Gamble. This <br />department has received very high accolades from the State Division of Social Services for their quality <br />work. <br />Nancy Coston thanked her staff. <br />Dee Gamble introduced the Directors and Supervisors that were in attendance. <br />5. RESOLUTIONSIPROCLAMATIONS <br />a. Refunding of General Obligation Bonds <br />The Board considered authorizing the refunding of bonds issued in March 1993 and bonds <br />previously refunded in June 1993. <br />Finance Director Ken Chavious said that this item was to take the necessary actions to allow <br />the County to refund up to $28 million in bonds that were issued in 1993. The current estimate is that by <br />refunding these 1993 bonds, the County could save approximately $1.4 million over the remaining term, <br />which is about 11 years. This would be about $125,000 annually. He has requested permission from <br />the LGC to pursue this undertaking. The plan is to do this in March and it could be piggybacked with the <br />regular bond sale to save some money in the issuance costs. In order to do the refunding on schedule, <br />the Board has to take some actions. The first action is to introduce the bond order for the refunding <br />bonds. The Board does not have to vote on the bond order introductions. The second action is for the <br />Board to adopt a resolution that establishes January 21 S` as a public hearing on the refunding bond <br />order. The resolution also authorizes the Finance Director to file the sworn statement of debt and <br />authorizes the Clerk to publicize the notice of the public hearing. All appropriate documents have been <br />prepared. <br />Chair Brown read the bond order title as follows: The Bond Order Authorizing the Issuance of <br />General Obligation Refunding Bonds in the Maximum Amount of $28 Million. <br />A motion was made by Commissioner Carey, seconded by Commissioner Gordon to adopt <br />the resolution setting a date for a public hearing, authorizing the Finance Director to file a Debt <br />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 />AND WHEREAS, Section 159-57 of the General Statutes requires that a public hearing be held on such <br />bond order prior to its adoption, Section 159-56 of the General Statutes requires publication of a notice of <br />such hearing, and Section 159-55 of the General Statutes requires the filing of a statement of the <br />County's debt with the Clerk to the Board prior to the public hearing; <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, that <br />a public hearing on each such bond order will be held at 7:30 p.m. (or as soon thereafter as the matter <br />may be heard) on January 21, 2003, at the F. Gordon Battle Courtroom in Hillsborough, North Carolina, <br />and that the Clerk to this Board is authorized and directed to publish a notice of such public hearing, in <br />the form provided for in Section 159-56 of the General Statutes, one time, not less than six days prior to <br />such hearing date, in a newspaper having general circulation in the County; <br />AND BE IT FURTHER RESOLVED that the County's Finance Officer is authorized and directed to <br />prepare and file, prior to the publication of the notice of public hearing, a sworn statement of the County's <br />net debt in the form prescribed by statute. <br />