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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 30, 2014 <br />11 <br />Action Agenda <br />Item No. 6 <br />SUBJECT: Possible Bond Issuance for Mav 2016 or November 2016 Referendum <br />DEPARTMENT: Finance and Administrative <br />Services <br />ATTACHMENT(S): <br />a. Proposed Bond Schedules for a <br />May 2016 or November 2016 <br />Bond Referendum <br />b. Chronological Summary of the <br />Capital Needs Task Force <br />c. Information on the Strategic Bond <br />Education Committee <br />PUBLIC HEARING: (Y /N) No <br />INFORMATION CONTACT: <br />Clarence Grier, 919 - 245 -2453 <br />Bob Jessup, 919 - 933 -9891 <br />PURPOSE: To receive a report on a possible May 2016 or November 2016 bond referendum <br />and related schedules. <br />BACKGROUND: In recent meetings over the past fiscal year, the Board of County <br />Commissioners has discussed the need for a future bond referendum to fund some County and <br />School long -range capital needs. This item was also discussed at the September 16 2014 <br />County /School Collaboration Meeting. Due to recent changes enacted by the North Carolina <br />General Assembly related to the dates in which a general obligation bond referendum can be <br />held, a general obligation bond referendum can only be held on even numbered years. <br />Therefore, there are only two possible dates for the Board of County Commissioners to <br />conduct a voter approved general obligation bond referendum — May 2016 and November <br />2016. If not held at one of these dates, a potential general obligation bond referendum can only <br />be held in May 2018 or November 2018. Bob Jessup, Orange County Bond Counsel, and <br />Orange County staff have provided a schedule with a brief timeline comparison related to both <br />dates (Attachment a). <br />The previous time that Orange County held a general obligation bond referendum was in <br />November of 2001. The bond referendum totaled $75 million and the items included on the <br />referendum were as follows: <br />• School related projects totaling $47 million. <br />• Parks and Recreation projects totaling $20 million <br />• Senior Center projects totaling $ 4 million <br />• Low and moderate income projects (Affordable Housing) totaling $4 million <br />