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ORANGE COUNTY <br />ASSEMBLY OF GOVERNMENTS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 19, 2014 <br />SUBJECT: Possible 2016 Bond Referendum <br />DEPARTMENT: County Finance and <br />Administrative Services <br />ATTACHMENT(S): <br />A) Proposed Bond Schedule for a <br />November 2016 Bond Referendum <br />B) Chronological Summary of the <br />Capital Needs Advisory Task Force <br />C) Information on the Strategic Bond <br />Education Committee <br />Action Agenda <br />Item No. 4 <br />PUBLIC HEARING: (Y /N) <br />INFORMATION CONTACT: <br />Clarence Grier, 919 - 245 -2453 <br />Bob Jessup, 919 - 933 -9891 <br />No <br />PURPOSE: To receive information and discuss a possible May 2016 or November 2016 <br />County bond referendum 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. 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 occur during even numbered years. <br />Therefore, there are only two possible dates for the Board of County Commissioners conduct a <br />voter approved general obligation bond referendum — May 2016 and November 2016. If not <br />held at one of these 2016 dates, a potential general obligation bond referendum would be <br />delayed until May 2018 or November 2018. Bob Jessup, Orange County Bond Counsel, and <br />Orange County staff has provided a schedule provided the Board with a brief timeline <br />comparison related to both dates (Attachment A). <br />The most recent time that Orange County held a general obligation bond referendum was in <br />November 2001. That 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 />