Agenda - 10-20-2015 - 6a - Minutes

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3 1 7. Make Legislative Committee 45-day filing. If the bond program will include 2 purposes beyond schools, the law requires that the County file a notice of the proposed 3 borrowing with a legislative committee at least 45 days before the LGC considers your 4 application. We can make this filing promptly after the action in Step 5. There's no requirement 5 for this Committee to approve anything or take any other action; there's simply a requirement to 6 file a notice. 7 8 8. Prepare statement of debt and statement of estimated interest. The debt 9 statement sets out details of the County's outstanding debt. This document will be similar, not 10 quite identical, to a debt statement that appears in the LGC application. The statement of 11 estimated interest states the County's good-faith, non-binding calculation of the total amount of 12 interest to be paid on the bonds, if issued, over the term of the bonds. These statements will be 13 prepared as we are preparing the LGC application and the Bond Order documents. Information 14 from these statements will be included in some of the public notices related to the bond 15 referendum. 16 17 9. File LGC Application. As stated above, this cannot happen until at least 10 18 days have elapsed since the publication of the notice of intent. The application needs to be filed 19 and formally accepted by the LGC before we have the County Board take its next steps as 20 described in Step 10. 21 22 Although we have to submit the LGC application as part of the referendum process, it is 23 not necessary to receive LGC approval until we are ready to proceed with the actual sale of 24 bonds, which of course will be after the referendum. The LGC may or may not act on the 25 application prior to the referendum, although the current LGC practice is in fact to consider 26 applications as they are received(instead of waiting for the time of a bond issuance). 27 28 10. Introduce Bond Orders; Set public hearing. After the County files its 29 application, the Board needs to introduce the "Bond Orders" and set a date for the required 30 public hearing. We can take these actions at any time after the LGC accepts the application 31 (even the same day). Our schedule shows these steps occurring at a Board meeting in May. 32 33 The "Bond Order"is the basic authorization for bonds approved by the County Board. 34 The statutes provide for the format and most of the text of a bond order, the bond order is a 35 short, general statement of the Board's determination to proceed. Each of the separate generic 36 purposes for which bonds are to be proposed will be the subject of a separate bond order. The 37 details of an actual bond issue are further approved by the Board at the time of a bond issue. 38 39 11. Publish Notice of Public Hearing. We need to publish notice of the required 40 public hearing at least six days prior to the hearing. 41 42 12. Hold Public Hearing; Adopt Bond Order; Set Ballot Question and 43 Referendum Date. After holding a public hearing, the Board needs to adopt the Bond Orders 44 and adopt a resolution that formally sets the ballot questions and the date for the referendum. 45 Our schedule shows these steps occurring at a County Board meeting in June (or across 46 multiple June meetings, if the Board wanted to separate the public hearings from final Board 47 action across more than one meeting). The Board Clerk must then send a copy of the resolution 48 setting the date and the ballot question to the County Board of Elections within three days after 49 the Board meeting. 50 51 The adoption of the bond orders establishes the final amount of bonds that will go before