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6 <br /> County must publish a notice of the results that triggers a 30-day period during <br /> which people can bring legal challenges to the bond election process. Then, to <br /> approve the issuance of bonds takes only one more Board resolution, with no other <br /> required public hearings or published notices. <br /> The real timing issue in proceeding with a bond issue centers around the <br /> progress of the projects that are going to be financed. In general, the LGC wants <br /> you to have firm construction numbers for most of the projects to be financed <br /> before you close on the financing — the LGC wants to be sure you don't borrow too <br /> much money, or too little money, or borrow it earlier than you need it. This is only <br /> LGC policy — not the law — so the LGC has flexibility in how it administers this <br /> policy. In general, the LGC will give you some more leeway in the timing of <br /> issuing voter-approved bonds than for other types of financing, but it still wants to <br /> see that you are close to construction — usually with construction bids in hand for <br /> projects representing the majority of the amount to be borrowed. <br /> Approval at a bond referendum gives the County seven years from the <br /> referendum date to issue the bonds. The law allows the LGC to extend that time for <br /> an additional three years, and in my experience the LGC routinely grants these <br /> extensions. The bonds can be issued in as many different installments as the <br /> County chooses. <br /> Please let me know if you have any questions about this information, or if I <br /> can be of any other assistance. <br /> -- RMJ <br /> 5 <br />