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Geof Gledhill said that the Board did not have to take a separate action on the <br />impervious surface (item c}, because it is embedded in the conditions that were just approved. <br />A motion was made by Commissioner Carey, seconded by Commissioner <br />Halkiatis to approve the class A special use permit. <br />Chair Jacobs said that everyone has moved as far as they can to address all of the <br />concerns that people have articulated. <br />VOTE: Ayes, 4; No, 1 (Commissioner Gordon) <br />c. Public Hearing and Final Steps for Planned Debt Issuance <br />The Board received public comment on the bond orders for the proposed issuance of $3.9 <br />million in two-thirds net debt reduction bonds and $15 million in installment financing and to <br />consider taking further actions that would allow staff to proceed with the issuance of the <br />proposed debt. <br />This item was transcribed verbatim by request of staff. <br />Ken Chaviaus: Ken Chavious, Orange County Finance Director. Tonight we are asking <br />the Board to consider the required final actions for the proposed issuance of the $4.2 million <br />and 2l3 net debt reduction bonds, $15 million in alternative financing, and $20.9 million in voter <br />approved bands. This action again is in accordance with the debt issuance schedule previously <br />approved by the Board. The total debt plan far issuance for 2004-2005 fiscal year is <br />approximately $40 million. The Board took the initial steps required for this debt issuance on <br />May 18t" and subsequent actions on the meeting of June 8t". Tonight's requested actions are <br />the next steps needed to stay on target for the sale of the bonds in late July and a subsequent <br />alternative financing sometime later in the 2004-2005 fiscal year. In order to meet all the <br />statutory requirements, we are asking the Board to conduct a public hearing on both the bond <br />orders and the resolution regarding the alternative financing, and this can be accomplished all <br />within one hearing. After the public hearing, the Board is being asked to formally adopt the <br />bond orders and the resolution. Finally, we are asking the Board to adopt the resolution far the <br />actual sale of the bonds that is going to occur in July. I will remind the Board again that <br />adoption of the bond related items would not commit you to funding specific projects, as we <br />talked about earlier today. Upon adoption of the bond items, publication of the adopted band <br />orders is required. Again, funds for this planned debt service is included in the Manager's <br />Recommended 2004-2005 Budget. <br />I do need to point out a minor correction in the notice of band order adoption on the typed <br />page 9, which reads, "Orange County public building bonds notice of adoption of bond order <br />authorizing the issuance of general obligation public building bonds in the maximum amount of, <br />that should read, $3.9 million." Because there are two bond orders that make up the $4.2 <br />million - $3.9 on one bond order and $300,000 on the other. A correction on also the next <br />page, item number two, should be also changed to read $3.9 million. And that's on the notice of <br />adoption of the bond order. I'll stop right there and try to answer any questions the Board may <br />have. <br />Chair Jacobs: Are there any questions? 1Vone. Then we'll see if there are any members <br />of the public who wish to speak at this public hearing regarding the County's proposed planned <br />debt issuance. Is there anyone? No owe. Is there a motion to close the public hearing? <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Carey to close <br />the public hearing. <br />VOTE: UNANIMOUS <br />