Orange County NC Website
Browse       Search
1 <br /> Orange County <br /> Board of County Commissioners <br /> Action Agenda <br /> Item No <br /> Action Agenda Item Abstract rl <br /> Meeting Date: October 15, 1996 <br /> Subject: Resolution Authorizing Request for Proposals for Bond Counsel <br /> Department: Finance/Manager/Attorney <br /> Attachment(s): Public Hearing: Yes No x <br /> Resolution Budget Amendment <br /> Needed: Yes No x <br /> Information Contact <br /> Ken Chavious, ext 2450 <br /> Rod Visser, ext 2300 <br /> Geof Gledhill, 732-2196 <br /> Telephone and Extension Number <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> Purpose: To consider a resolution that would authorize County staff and the County <br /> Attorney to solicit proposals for a new County bond counsel. <br /> Background: For many years, Orange County has been ably represented by the firm of <br /> Brown &Wood, of New York City, when it has required the services of bond counsel to provide <br /> legal advice on debt and related financial matters. During that time, the County has worked <br /> specifically with Mr. Gundars Aperans. The County recently received notice that Mr. Aperans will <br /> be leaving Brown &Wood because of changes in the focus of that company's practice. <br /> County and Chapel Hill-Carrboro School staffs are working on the procedural steps necessary to <br /> pursue private placement financing for the planned new Southern Village Elementary School. The <br /> County's Capital Improvement Plan includes plans to obtain $5 million of the funding needed for <br /> this elementary school before the end of calendar year 1996. The County will require the services <br /> of bond counsel to review numerous aspects of this planned financing, including its tax-exempt <br /> status. <br /> Given Mr. Aperans's departure from Brown &Wood, staff recommends that the Board approve <br /> the attached resolution authorizing staff and the County Attorney to distribute a Request for <br /> Proposals(RFP)to firms in North Carolina who may be interested in and qualified for service as <br /> bond counsel for the Southern Village Elementary School financing deal. The intent is to bring <br /> back a recommendation on appointment of bond counsel from the Manager for consideration by <br /> the Board at the November 4 regular meeting. This appointment would be for this specific project, <br /> with the option of retaining the same bond counsel for future debt issues, or conducting another <br /> RFP process for future planned debt issues. <br /> Recommendation: The Manager recommends that the Board adopt the attached resolution. <br />