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Agenda - 04-04-1994 - VII-A
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Agenda - 04-04-1994 - VII-A
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Last modified
2/16/2015 11:00:15 AM
Creation date
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BOCC
Date
4/4/1994
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
VII-A
Document Relationships
Minutes - 19940404
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\1990's\1994
RES-1994-015 Amended Resolution of the County of Orange, NC Approving a Facilities/Services Agreement and Related Matters
(Linked From)
Path:
\Board of County Commissioners\Resolutions\1990-1999\1994
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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No A <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 4, 1994 <br /> SUBJECT: Orange County Community Activity Center Bonds <br /> ----------------------------------------------------------------------- <br /> DEPARTMENT County Manager/Attorney PUBLIC HEARING YES X NO <br /> ----------------------------------------------------------------------- <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> Amended Resolution Rod Visser, ext 2300 <br /> Geof Gledhill, 732-2196 <br /> TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> ----------------------------------------------------------------------- <br /> PURPOSE: To conduct a public hearing on the proposed issuance of <br /> Orange County Community Activity Corporation revenue bonds, and to <br /> consider an amended resolution approving the Orange County Community <br /> Activity Center project. <br /> BACKGROUND: At the October 4, 1993 meeting, the Board of Commissioners <br /> approved the County' s participation in a "63-20" financing arrangement <br /> whereby the Orange County Community Activity Corporation (OCCAC, <br /> previously known as the Triangle Youth Hockey Association) would issue <br /> bonds, in an amount not to exceed $8.5 million, for the construction of <br /> a swimming pool/ice rink facility at the Meadowlands. The debt thus <br /> created is an obligation strictly of the Corporation. The County is in <br /> no way incurring debt or pledging its faith and credit or taxing power <br /> for the repayment of the bonds. <br /> Because 1163-20" financing under the Internal Revenue Service Code <br /> permits the sale of bonds as tax-exempt instruments which will benefit <br /> a non-governmental agency, the County was required to hold a public <br /> hearing on the matter under provisions of the federal 1986 Tax Equity <br /> and Fiscal Responsibility Act (TEFRA) . The County held this required <br /> public hearing on November 16, 1993. No one spoke either for or <br /> against the proposed bonds. <br /> During efforts to market the bonds in the last several months, it <br /> became apparent to the OCCAC's financial placement agents that a <br /> larger bond issue, which would permit the creation upfront of a large <br /> debt service reserve, would make the bonds appear more secure and thus <br /> much more attractive to potential investors. The creation of this debt <br /> service reserve necessitates an increase in the amount of bonds to be <br /> issued to approximately $10 million. In accordance with IRS <br /> regulations and TEFRA, another public hearing must be held because the <br /> size of the proposed bond issue has increased by more than 5% of the <br /> amount contemplated during the original public hearing. <br />
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