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8 <br /> 1 BACKGROUND: <br /> 2 The Board of County Commissioners adopted a resolution on October 6, 2015 for the County to <br /> 3 issue up to $120 million for Schools and up to $5 million for Affordable Housing. The Board <br /> 4 made a determination to proceed with a referendum on November 8, 2016, 1 for authorization <br /> 5 to issue County General Obligation Bonds in an amount not to exceed $125 million. <br /> 6 <br /> 7 The Board subsequently adopted a resolution at the March 22, 2016 regular meeting to <br /> 8 schedule a public hearing on the bond orders at this April 19, 2016 regular meeting. The <br /> 9 resolution also included conducting a second public hearing at the Board's May 5, 2016 regular <br /> 10 meeting. The bond authorization schedule therefore calls for the first public hearing at tonight's <br /> 11 meeting. <br /> 12 <br /> 13 In response to public comment, or otherwise, the Board can decide (a) not to put forward either <br /> 14 or both of the proposed Orders, or (b) to lower the amount of either or both orders. The Board <br /> 15 cannot, however, add a purpose for proposed bonds or increase either amount of bonds without <br /> 16 re-starting the bond authorization process. <br /> 17 <br /> 18 Because of oddities related to the approval process with the Local Government Commission, <br /> 19 bond counsel recommends that, after this first public hearing, the Board repeat a previous step <br /> 20 of "introducing" the two Bond Orders. That step is included in the Manager's recommendation. <br /> 21 The second public hearing is scheduled for May 5, 2016 at the County's Whitted Human <br /> 22 Services Center, 300 West Tryon Street, Hillsborough, North Carolina, 27278. After that second <br /> 23 public hearing, the Board will be asked to approve the Bond Orders, and then consider a <br /> 24 resolution to formally call for the November bond referendum and approving the ballot <br /> 25 questions. The referendum is scheduled for the regular election date, November 8. <br /> 26 <br /> 27 PUBLIC COMMENT: <br /> 28 <br /> 29 Allan Rosen said he wanted to thank the Board for the $5 million allocated towards <br /> 30 affordable housing in the proposed bond referendum. He said he works at the InterFaith <br /> 31 Council (IFC) Center, and this funding would be greatly appreciated and used. He said the <br /> 32 affordable housing community wants to educate the public on the upcoming proposed bond <br /> 33 referendum. <br /> 34 <br /> 35 Close the public hearing: <br /> 36 <br /> 37 A motion was made by Commissioner Dorosin, seconded by Commissioner Price to <br /> 38 close the public hearing. <br /> 39 <br /> 40 VOTE: UNANIMOUS <br /> 41 <br /> 42 A motion was made by Commissioner Dorosin, seconded by Commissioner Rich to: <br /> 43 <br /> 44 • In preparation for the second public hearing on May 5, 2016, introduce again (per Bond <br /> 45 Counsel) the two bond orders which state the Board of County Commissioners' proposal <br /> 46 to issue General Obligation Bonds to pay capital costs for providing school facilities and <br /> 47 for housing for persons with low and moderate income. <br /> 48 • The first bond order introduction authorizes the issuance of General Obligation Bonds in <br /> 49 an amount not to exceed $120 million to support school facilities. <br /> 8 <br />