Orange County NC Website
Browse       Search
7 <br /> Sanford IIolshouser <br /> Bond Election memo for Orange County <br /> Page 5 <br /> notices. <br /> The real timing issue in proceeding with a bond issue centers around the <br /> progress of the projects that are going to be financed. In general, the LGC wants to <br /> see that you are close to construction with well-developed estimates and at least <br /> some bids in hand before closing on a bond issue — the LGC wants to be sure you <br /> don't borrow too much money, or too little money, or borrow it earlier than you <br /> need it. We can coordinate the construction and the bond processes so as not to <br /> delay the County's projects. <br /> The County has seven years from a successful referendum date to issue <br /> voter-approved bonds. The LGC can extend this period to ten years, and over the <br /> last several years the LGC has routinely granted extensions. There is never any <br /> obligation for the County in fact to issue any or all of the bonds approved at a <br /> referendum. <br /> Related purposes and ballot questions. Each separate general purpose for <br /> bonds has to be the subject of its own Bond Order and its own separate ballot <br /> question. Purposes for which bonds are to be issued have to be related to be <br /> included in a single question, and unrelated purposes cannot be combined. For <br /> example, a bond purpose of "public safety" could cover improvements to police <br /> and fire facilities. On the other hand, "fire facilities" and "park improvements" <br /> could not be combined on a single ballot question. <br /> Determining which purposes will be put before the voters, and how much in <br /> bonds will be proposed for each purpose, is the essential nature of developing the <br /> bond plan as described in Step 1. We would recommend that the questions put to <br /> voters propose a dollar amount of bonds for broad categories, as appropriate — for <br /> example, a dollar amount for "streets and sidewalk improvements" or for "public <br /> safety improvements." Although the statutes allow the purposes to be stated with <br /> more specificity, it is highly recommended that the purposes be left in more <br /> generalized categories so that the County Board retains flexibility within the <br /> categories that voters approve to meet conditions that may change over time. <br /> Please let me know if you have any questions about this information, or if I <br /> can be of any other assistance. <br /> -- RMJ <br /> 5 <br />