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216 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action A <br /> Item No.tj <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: FEBRUARY 1, 1988 <br /> SUBJECT: RESOLUTION AUTHORIZING THE ISSUANCE OF SANITARY SEWER BONDS <br /> DEPARTMENT: FINANCE PUBLIC HEARING: Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: <br /> KEN CHAVIOUS, X496 <br /> RESOLUTION <br /> TELEPHONE NUMBER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To consider adopting a resolution authorizing the issuance of <br /> sanitary sewer bonds for the Efland Sewer project. <br /> BACKGROUND: On March 24, 1987 the Board adopted an order authorizing not <br /> exceeding $200, 000. 00 Sanitary Sewer Bonds. <br /> On June 15, 1987 the Board adopted a resolution providing for <br /> the issuance of $200,000 Sanitary Sewer Bond Anticipation <br /> Notes. Another resolution providing for the exchange of the <br /> original notes for new bond notes was adopted on December 1, <br /> 1987. This action extended the maturity date of the notes for <br /> three months to allow for completion of the Efland Sewer <br /> project. The new maturity date is March 16, 1988; however the <br /> bond sale must take place one month earlier in order to meet <br /> all legal and fiscal requirements by the March 16 deadline. <br /> The resolution authorizes the issuance of the $200, 000. 00 <br /> Sanitary Sewer Bonds to repay the bond anticipation notes of <br /> the maturity of the notes. <br /> RECOMMENDATION(S) : <br /> Adopt resolution. <br />