Agenda 08-14-2001 -5b - Laserfiche WebLink

Browse Search

e 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 14, 2001 Action Age Item No. SUBJECT: Introduction of Bond Orders and Public Hearing Resolution DEPARTMENT: Finance PUBLIC HEARING: (YJN) No ATTACHMENT(S): INFORMATION CONTACT: Bond Orders Ken Chavious, ext. 2453 Resolution Sworn Statement of Debt TELEPHONE NUMBERS: Bond Time-table Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To introduce the Bond Orders and consider adoption of a Resolution setting forth the public hearing date and the filing of the Sworn Statement of Debt as required by the Local Government Bond Act for the November f, 2001 Bond Referendum. BACKGROUND: At the June 25, 2001 meeting, the Board of Commissioners authorized the publication of a "Notice of Intent" to file an application with the Local Government Commission (LGC) seeking approval to hold a Bond Referendum on November 6, 2001. In addition, the Board confirmed a calendar of the various steps to be taken in connection with the referendum. The "Notice of Intent"was published on July 13, 2001, and the application has been filed with the LGC. The next step in the referendum process is the Introduction of the Bond Orders. This step is accomplished by the Board Chair or any other commissioner or staff reading aloud the title of each bond order. Subsequent to the Bond Order introductions, a resolution should be adopted setting forth the public hearing date, which is required prior to the formal adoption of the orders. In addition, this resolution instructs the Finance Director to file a Sworn Statement of Debt with the Clerk to the Board. In accordance with the established timetable, the public hearing should be held on August 27, 2001. The Clerk to the Board must publish the Bond Orders and the public hearing notice by August 20, 2001, in order to meet the requirements set forth in the approved time table. Prior to the publishing of the public hearing notice, the Finance Director will file the required Sworn Statement of Debt. It is not necessary for the Board to make any final decisions on the bond orders at this time. Staff has prepared a revised timetable that allows for discussion and finalization of the bond package at the Board work session scheduled for August 30, 2001, with the formal adoption of the orders at the September 4, 2001 regular Board meeting. FINANCIAL IMPACT: There is no impact on the County's finances at this time.