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} <br /> F <br /> 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 28, 1994 <br /> Agenda Abstract <br /> Item# _$ <br /> SUBJECT: NOTICE OF INTENT-BOND REFERENDUM FOR PURCHASE OF DEVELOPMENT RIGHTS <br /> DEPARTMENT: Planning PUBLIC HEARING: Yes X No <br /> ATTACHMENTS: INFORMATION CONTACT: <br /> Notice of Intent Planning Director X2592 <br /> 6/30/94 Bond Attorney Letter - Recommended Calendar <br /> Section 3 - Draft PDR Report (Background Material) PHONE NUMBERS: <br /> Hillsborough 732-8181 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> Chapel Hill 967-9251 <br /> PURPOSE: To consider legal requirements and proposed schedule for November 8, 1994 bond <br /> referendum for farmland preservation program. <br /> BACKGROUND: On May 19, 1994,the Agricultural Districts Advisory Board met jointly with the Board of <br /> Commissioners to review the status of the Farmland Preservation Program proposals, <br /> including a proposed purchase of development rights program.One point of discussion was <br /> the financing of such a program and that it should be limited to bonds or annual <br /> appropriations (pay-as-you-go) or some combination thereof. Impact fees and sales taxes <br /> were not to be considered for purchase of development rights but limited to financing for <br /> infrastructure; e.g., schools, etc. A suggested bond amount was$5.0 million for start-up, <br /> with some type of continuation funding for long-term impact. <br /> Subsequent to the meeting, Advisory Board members and Commissioners discussed the <br /> proposals further while in attendance at other activities.Suggestions were made to move <br /> the program forward in anticipation of the November 8, 1994 bond referendum. <br /> Discussions with the Finance Director about such a referendum indicated two potential <br /> concerns.The first concern involved the question of whether bond funds could be used to <br /> purchase development rights. Upon checking with the County's bond attorney, such <br /> purchases were deemed acceptable. <br /> A second concern was the timing of actions related to implementation of a referendum. <br /> A time table provided by the Bond Attorney is as follows: <br /> August 10 Publication of Notice of Intent <br /> August 23 Last day for receipt of written notice from the Local Government <br /> Commission that the County's application for approval of bonds has been <br /> filed and accepted for submission to the Commission <br />