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2 <br /> The Board subsequently adopted a resolution at the March 22, 2016 regular meeting to <br /> schedule a public hearing on the bond orders at this April 19, 2016 regular meeting. The March <br /> 22, 2016 resolution also included conducting a second public hearing at the Board's May 5, <br /> 2016 regular meeting. <br /> The Board conducted the first public hearing on April 19, 2016, and after closing that public <br /> hearing, the Board introduced again (per Bond Counsel) the two bond orders which state the <br /> Board of County Commissioners' proposal to issue General Obligation Bonds to pay capital <br /> costs for providing school facilities and for housing for persons with low and moderate income. <br /> The Board held open any final action on the Bond Orders until after the May 5 public hearing. <br /> The bond authorization schedule therefore calls for the second public hearing at tonight's May 5, <br /> 2016 meeting. <br /> In response to public comment, or otherwise, the Board can either proceed without changes to <br /> the Bond Orders as previously introduced, or the Board can decide (a) not to put forward either <br /> or both of the proposed Orders, or (b) to lower the amount of either or both orders. The Board <br /> cannot, however, add a purpose for proposed bonds or increase either amount of bonds without <br /> re-starting the bond authorization process. <br /> Assuming the Board decides to proceed with the Bond Orders as previously introduced, three <br /> separate and distinct Board actions will be necessary: <br /> 1) 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 /> 2) 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 /> 3) Adopt the Resolution regarding details for bond referenda (Attachment 3) to formally <br /> schedule the November bond referenda and approve the ballot questions. <br /> These separate and distinct actions are included in the Manager's recommendations. The <br /> referendum as proposed is scheduled for the regular election date, November 8, 2016. <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 3.70-5.83 cents per $100 of assessed <br /> 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 are no Social Justice Goal impacts associated with this <br /> item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <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 />