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ii <br /> 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No / A- <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: January 4, 1993 <br /> SUBJECT: School Bond Sale <br /> DEPARTMENT Finance/Budget PUBLIC HEARING YES NO X <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> 12/14/92 Staff Memo Ken Chavious, ext 2450 <br /> OCS & CHCCS Cash Flow Projections Sally Kost, ext 2151 <br /> TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To approve the amount of bonds to be sold in the first <br /> installment of the $52 million in school bonds authorized by voters in <br /> the November, 1992 referendum. <br /> BACKGROUND: The first sale of Orange County bonds from the recent <br /> school bond referendum has been tentatively scheduled by the Local <br /> Government Commission for March 9, 1993 . A number of procedural steps <br /> lead up to this bond sale, including the determination of the amount to <br /> be sold. The two school systems have responded to the County staff's <br /> request for cash flow projections with the information contained in the <br /> attached memos. <br /> County staff have reviewed the schools ' cash flow projections, and as <br /> outlined in the attached staff memo, propose that the County plan to <br /> hold three bond sales: March 1993 - $22 million; March, 1994 - $13 . 2 <br /> million; and March, 1995 - $16.8 million. The plan for subsequent <br /> sales would of course be subject to review and revision based on the <br /> actual progress of the projects involved. <br /> RECOMMENDATION(S) : The Manager recommends that the Board approve <br /> the amount of $22 million to be sold by the Local Government <br /> Commission at the March 9, 1993 bond sale. <br />