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016 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action A <br /> ACTION AGENDA ITEM ABSTRACT Item No. <br /> Meeting Date: DECEMBER 1, 1987 <br /> SUBJECT: RESOLUTION AUTHORIZING ISSUANCE OF BOND ANTICIPATION NOTES <br /> DEPARTMENT: COUNTY MANAGER PUBLIC HEARING: <br /> Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: MANAGER'S <br /> (RESOLUTION UNDER SEPARATE COVER) OFFICE,X501 <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 bond anticipation notes for the Efland Sewer <br /> Project. <br /> BACKGROUND: On June 15, 1987 the Board adopted a resolution providing for <br /> the issuance of 200, 000 Sanitary Sewer Bond Anticipation <br /> Notes. The purpose of adopting another resolution is to, in <br /> effect, permit the exchange of the bond notes previously <br /> issued for the project for new bond notes. The bond <br /> anticipation notes previously issued must be repaid because <br /> the due date is imminent. They will be repaid with money <br /> realized from the sale of the new bond notes. The new bond <br /> anticipation notes should be applicable until the Efland Sewer <br /> Project is complete and repaid with the permanent financing. <br /> RECOMMENDATION(S) : <br /> Adopt resolution and authorize Chair to sign. <br />