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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 11, 2013 <br /> Action Agenda <br /> Item No. 1 <br /> SUBJECT: Potential Bond Issuance Schedule and Timeline for a November 2014 or <br /> November 2015 Bond Referendum <br /> DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y/N) No <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> A) Memorandum - Required <br /> Procedures and Possible Schedule Clarence Grier, 919-245-2453 <br /> for General Obligation Bond Bob Jessup, 919-933-9891 <br /> Referendum in November 2014 <br /> B) Chronological Summary for the <br /> 2001 Orange County Capital Needs <br /> Advisory Task Force and 2001 <br /> Bond Education Committee <br /> C) November 2001 Ballot Questions <br /> and Final Bond Package Amounts <br /> PURPOSE: To receive information on a potential November 2014 or a November 2015 bond <br /> referendum schedule. <br /> BACKGROUND: In recent meetings over the past few months, the Board of County <br /> Commissioners has discussed the need for a future bond referendum to fund County and <br /> School long-range capital needs. This item was also discussed at the September 3, 2013 <br /> County/School Collaboration Meeting, and the Board of County Commissioners Board Retreat <br /> on January 31, 2014. There has been two potential dates for the voters to consider a bond <br /> referendum — November 2014 and November 2015. Bob Jessup, Orange County Bond <br /> Counsel, and Orange County staff have provided schedules for both dates including a brief <br /> timeline comparison related to both dates. <br /> Currently, although some projects were discussed preliminarily in previous meetings, such as <br /> Middle School #5 for the Chapel Hill — Carrboro City School District, the Board of County <br /> Commissioners has not finalized the components of any potential bond referendum. <br /> Additionally, in previous bond referendums, the Board of County Commissioners appointed a <br /> Capital Needs Task Force to discuss and recommend the components of the bond <br /> referendums, and the use of an educational campaign to educate the public about the needs <br /> and purpose of the bond referendum. <br /> FINANCIAL IMPACT: There is no direct financial impact associated with discussion of the <br /> attached bond schedules. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive and discuss the <br /> potential bond schedules. The Board may choose to discuss the potential bond referendum at a <br /> future meeting. <br />