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3 <br /> With a May sale date, the proceeds would be received in June and there <br /> would be a full debt service payment (two semi-annual interest <br /> payments and one annual principal payment) due in FY 1994-95. With a <br /> June sale date, the proceeds would be received in July and there would <br /> be only one semi-annual interest payment (January 1995) due in FY 1994- <br /> 95. <br /> County staff have met with the Director of the Local Government <br /> Commission (LGC) and his staff to discuss both options. The LGC <br /> expressed its support of pursuing one bond sale provided there is <br /> reasonable assurance that the projects to be funded by bonds will <br /> progress with timely spend down of the bond proceeds. Based on staff ' s <br /> consultation with the two school systems' staffs and architects, we <br /> believe that the LGC will be satisfied in that regard. Bid award and <br /> beginning of construction for the new Orange County middle school are <br /> expected within the next several months, and for the new Chapel Hill- <br /> Carrboro high school by July 1994. <br /> The LGC has provided two tentative dates for bond sales (May 17 and <br /> June 14 ) , although other dates could be arranged. The County' s bond <br /> counsel has provided schedules of intermediate steps leading up to a <br /> bond sale for either of these two dates. <br /> RECOMMENDATION: The Manager recommends that the Board approve the sale <br /> of the remaining $30 million in school bonds at a June 14, 1994 bond <br /> sale. <br />