Agenda - 11-19-2014 - 4 - Laserfiche WebLink

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Sanford Holshouser LLP R amount of bonds that can he proposed at the referendum for each of the specified purposes. From this point, we can decrease the amount of bonds or eliminate purposes, but we can increase an amount or add a purpose only by re- starting the authorization process. 7. Make Legislative Committee 45 -day filing. The guidelines call for this filing to go in 45 days before the LGC considers your application. Because the LGC only needs to "accept" your application in advance of the referendum — it doesn't technically have to "approve" the application prior to the referendum -- I'd suggest we send in the legislative filing when we're ready to file the LGC application, and just ask the LCG to defer formal action until our 45 -day period has expired. So that would mean making the filing promptly after the completion of Step 5. 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. Prepare statement of debt and statement of estimated interest. The debt statement sets out details of the County's outstanding debt. The statement of estimated interest states the County's calculation of the total amount of interest to be paid on the bonds, if issued, over the term of the bonds. These statements will be prepared as we are preparing the LGC application and the bond order documents. Information from these statements will be included in some of the public notices related to the bond election. 10. 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 mid - January County Board meeting. The "Bond Order" is the basic authorization for bonds approved by the 3