Agenda - 02-11-2014 - 1 - Laserfiche WebLink

Browse Search

4 8. File LGC Application. As stated above, this cannot happen until at least 10 days have elapsed since the publication of the notice of intent. The application needs to be filed and formally accepted by the LGC before we have the County Board take its next steps as described in Step 9. Although we have to submit the LGC application as part of the referendum process, it is not necessary to receive LGC approval until we are ready to proceed with the actual sale of bonds, which of course will he after the referendum. The LGC may or may not act on the application prior to the referendum, although the current LGC practice is in fact to consider applications as they are received (instead of waiting for the time of a bond issuance). 9. Introduce Bond Orders; Set public hearing. After the County files its application, the Board needs to introduce the "Bond Orders" and set a date for the required public hearing. We can take these actions at any time after the LGC accepts the application (even the same day). Our schedule shows these steps occurring at a County Board meeting prior to summer break (the last scheduled meeting is June 17). At the time the Bond Orders are introduced, the Finance Officer must also file a statement as to the estimated amount of interest to be payable on the Bonds over their term. The "Bond Order" is the basic authorization for bonds approved by the County Board. The statutes provide for the format and most of the text of a bond order; the bond order is a short, general statement of the Board's determination to proceed. Each of the separate generic purposes for which bonds are to he proposed will he the subject of a separate bond order: The details of an actual bond issue are further approved by the Board at the time of a bond issue. 10. File sworn statement of debt. This is a statement, required by statute, that details outstanding County debt. This document will be similar, but not quite identical, to a debt statement that appears in the LGC application. This statement needs to be filed after the bond orders are introduced but before the publication of the notice of public hearing (as described in the next step). 11. Publish Notice of Public Hearing. We need to publish notice of the required public hearing at least six days prior to the hearing. The notice must also include a calculation of the estimated interest to be paid on the bonds over their term. 12. Hold Public Hearing; Adopt Bond Order; Set Ballot Question and Referendum Date. After holding a public hearing, the Board needs to adopt the 3