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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 5, 2016 <br /> Action Agenda <br /> Item No. 6-a <br /> SUBJECT: Public Hearing on General Obligation Bond Orders and Formal Approval of <br /> Bond Referenda and Ballot Questions <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 /> Attachment 3. Resolution Regarding <br /> Details for Bond <br /> Referenda <br /> PURPOSE: To: <br /> 1) Conduct a second scheduled public hearing to receive public comment on the questions <br /> of the validity of the bond orders and the advisability of issuing the bonds; <br /> 2) Close the public hearing. The Board can then either proceed to step (3) without changes <br /> to the Bond Orders as previously introduced, or in the alternative the Board may decide <br /> either (a) not to put forward either or both of the proposed orders, or (b) to lower the <br /> amount of either or both orders (The Board cannot, however, add a purpose for the <br /> proposed bonds or increase either amount of bonds without restarting the bond <br /> authorization process.); <br /> 3) Adopt the first bond order (Attachment 1) authorizing the issuance of General Obligation <br /> Bonds in an amount not to exceed $120 million to support school facilities; <br /> 4) Adopt the second bond order (Attachment 2) authorizing the issuance of General <br /> Obligation Bonds in an amount not to exceed $5 million for housing for persons with low <br /> and moderate income; and <br /> 5) Adopt the Resolution regarding details for bond referenda (Attachment 3) to formally <br /> schedule the November bond referenda and approve the ballot questions. <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 /> for authorization to issue County General Obligation Bonds in an amount not to exceed $125 <br /> million. <br />