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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 19, 2016 <br /> Action Agenda <br /> Item No. 5-a <br /> SUBJECT: Public Hearing on General Obligation Bond Orders and Other Appropriate <br /> Action <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Bond Order for $120 Gary Donaldson, (919) 245-2453 <br /> Million in General Paul Laughton, (919) 245-2152 <br /> Obligation Bonds for Robert Jessup, (919) 933-9891 <br /> Schools <br /> Attachment 2. Bond Order for $5 Million <br /> in General Obligation <br /> Bonds for Affordable <br /> Housing <br /> PURPOSE: To: <br /> 1) Conduct a first scheduled public hearing to receive public comment on the questions of <br /> the validity of the bond orders and the advisability of issuing the bonds; <br /> 2) Close the public hearing and decide (a) not to put forward either or both of the proposed <br /> orders, or (b) to lower the amount of either or both orders (The Board cannot, however, <br /> add a purpose for the proposed bonds or increase either amount of bonds without re- <br /> starting the bond authorization process.); <br /> 3) In preparation for a second public hearing on May 5, 2016, introduce again (per Bond <br /> Counsel) the two bond orders which state the Board of County Commissioners' proposal <br /> to issue General Obligation Bonds to pay capital costs for providing school facilities and <br /> for housing for persons with low and moderate income. <br /> • The first bond order introduction authorizes the issuance of General Obligation <br /> Bonds in an amount not to exceed $120 million to support school facilities. <br /> • The second bond order introduction authorizes issuance of General Obligation <br /> Bonds in an amount not to exceed $5 million for housing for persons with low and <br /> moderate income. <br /> 4) Hold open final action on the Bond Orders until after the May 5 public hearing. <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 />