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2 <br /> BACKGROUND: The Board of County Commissioners adopted a resolution on October 6, <br /> 2015 for the County to issue up to $120 million for Schools and up to $5 million for Affordable <br /> Housing. The Board made a determination to proceed with a referendum on November 8, 2016 <br /> seeking voter approval/authorization to issue County General Obligation Bonds in an amount <br /> not to exceed $125 million. <br /> The next steps in the bond authorization process will be for the Board to hold a public hearing. <br /> The public hearing is currently scheduled for the April 19 Board meeting. Following the public <br /> hearing the Board will be asked to take final action to approve the Bond Orders, and then <br /> consider a resolution formally calling for the November bond referendum and approving the <br /> ballot questions. It should be noted that the Board established the maximum amounts of each <br /> bond order by resolution on October 6, 2015, and the Board cannot consider increasing the <br /> amounts of the bond orders as part of this process/action or as part of the proposed April 19th <br /> public hearing. <br /> FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br /> a financial impact if the referendum is approved. The tax rate equivalent for the estimated <br /> highest debt service payment is expected to range from 3.70 cents up to 5.83 cents per $100 of <br /> assessed valuation. The projected debt service conforms to the County's debt policies and debt <br /> affordability analysis which was completed by the County's financial advisors. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated <br /> with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board introduce the bond orders <br /> and approve the resolution setting the public hearing on the bond orders for April 19, 2016. <br />