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4 <br /> WHEREAS the Board of Commissioners proposes funding for certain major projects <br /> in the implementation of the CIP and County policies with the proceeds of <br /> general obligation bonds, and with proceeds of current property taxes, <br /> current sales taxes, impact fees and other current revenue; and <br /> WHEREAS those projects proposed to be implemented with proceeds of general <br /> obligation bonds in a total amount not to exceed$ is as follows: <br /> Schools-total amount not to exceed $ <br /> Public Buildings total amount not to exceed $ <br /> Parks total amount not to exceed $ <br /> Providing housing for persons of low and <br /> moderate income total amount not to exceed $ <br /> Sewer Expansion total amount not to exceed $ <br /> WHEREAS it is the intent of the Orange County Board of Commissioners to seek <br /> approval of the voters of Orange County at the general election to be held <br /> in Orange County on November 4, 1997 for the County to issue general <br /> obligation bonds. <br /> IT IS RESOLVED THAT: <br /> 1. Orange County intends, on November 4, 1997, to seek approval of the <br /> voters of Orange County for Orange County to issue general obligation <br /> bonds in a total amount not to exceed$ , as detailed above in <br /> order to implement the CIP and County policies. <br /> 2. Orange County has made all debt service payments on existing debt on a <br /> timely basis as evidenced by its audit report for the year ended June 30, <br /> 1996, and for the period since June 30, as confirmed by the County Finance <br /> Director. <br /> 3. According to Orange County's audit report for the year ended June 30, <br /> 1996, its budgetary and fiscal management policies have been carried out in <br /> compliance with all applicable laws, requirements and other guidelines. <br /> 4. In order to meet the increase in debt service occasioned by the repayment <br /> of the proposed bonds entirely from proceeds of Orange County property <br /> taxes, it is estimated that a cent tax increase would be necessary. <br /> However, it is anticipated that only a cent tax increase will be necessary to <br /> meet the increase in debt service, with the balance coming principally from <br /> sales tax and other revenues committed by the Orange County Board of <br />