Agenda - 11-20-2012 - 5i - Laserfiche WebLink

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' ' 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 20, 2012 Action Agenda Item No. 5-i SUBJECT: Authorization and Issuance of Up to $20,000,000 in General Obligation Refunding Bonds DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y/N) Services ATTACHMENT(S): INFORMATION CONTACT: Attachment 1. Resolution for the Sale of Frank Clifton, (919) 245-2300 Up to $20,000,000 Clarence G. Grier, (919) 245-2453 General Obligation Bob Jessup, Bond Counsel, (919) 933- Refunding Bonds 9891 Attachment 2: Preliminary Refunding Bond Information PURPOSE: To adopt a resolution authorizing the issuance of general obligation refunding bonds in the maximum amount of $20,000,000 to refinance existing County BACKGROUND: This item represents a new round of bond refinancing designed to save the County money on debt service expenditures by taking advantage of low borrowing rates currently available to the County. In 2011, the Board of County Commissioners authorized the issuance of up to $47,000,000 of the County's general obligation bonds to refund public improvement bonds previously issued in 2004 and 2005. Market conditions at the time enabled the County to refund a substantial amount, but not all, of those prior bonds. As interest rates have remained very low, it appears it is now possible for the County to refund more of the old bonds. Current estimates show potential savings to the County through this refunding of over $850,000. The savings estimates will change as market conditions vary between now and when the refunding bonds are sold. The attached resolution provides authorization from the Board for the County to proceed with the refunding bond sale. The attached resolution, as prepared by bond counsel, provides the following authorizations and approvals: 1. Formally authorizes the sale of up to $20,000,000 in refunding bonds;