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, 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 30, 1997 <br /> Action Agenda <br /> Item No. —`► <br /> SUBJECT: Notice of Intent to File Application with the Local Government Commission for November, <br /> 1997 Bond Referendum <br /> DEPARTMENT: Finance PUBLIC HEARING: (Y/1) <br /> BUDGET AMENDMENT: (Y/1) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Resolution Required by LGC Ken Chavious Ext. 2453 <br /> Notice of Intent <br /> School Board Resolutions <br /> Referendum Timetable Proposed by Bond TELEPHONE NUMBERS• <br /> Counsel Hillsborough 732-8181 . <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> PURPOSE: To proceed with the legal requirements and Local Government Commission <br /> guidelines necessary for the Bond Referendum planned for the November 4, 1997 election. <br /> BACKGROUND: Information regarding the Bond Referendum process and required <br /> procedures was provided to the Board of Commissioners in the Finance Director's memorandum of <br /> June 3, 1997. This memorandum discussed information relative to the structure of bond orders as <br /> well as a suggested time table for certain required actions leading up to the November 4, 1997 <br /> proposed Bond Referendum. <br /> In accordance with the proposed time table,the initial Board action required for the November <br /> referendum is the adoption of the "Notice of Intent". Adoption and publication of this notice is a <br /> statutory requirement and officially informs the public of the County's plans to have a bond <br /> referendum and to issue bonds to fund certain capital projects. The"Notice of Intent"has been <br /> prepared by Bond Counsel and establishes the maximum amount of bonds for which the County <br /> will be seeking Local Government Commission(LGC)approval. Once adopted,the amount finally <br /> agreed upon by the Board can not exceed this maximum established in the "Notice of Intent." <br /> In addition to the statutory requirement for the "Notice of Intent", the LGC requires that the <br /> County adopt a resolution which states the need for the County to issue bonds to fund projects. <br /> This resolution is essential in obtaining the required approval from the LGC to proceed with the <br /> November referendum. Several blanks in the resolution related to amounts and tax rate impacts <br /> would be filled in based on the Board's discussion at its 5:30 special meeting on June 30. <br />