Agenda - 03-23-1993 - VIII-A - Laserfiche WebLink

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ory _- 3/4- 00�y /A —^i V�52„ 7 17 FINANCE DEPARTMENT 4, Orrb meto‘ ORANGE COUNTY NORTH CAROLINA March 23 ,'. 1993 Mr. Everett M. Chalk, Assistant Director Local Government Commission Department of State Treasurer 325 North Salisbury Street Raleigh, NC 27611 Re: County of Orange General Obligation Advance Refunding Series 1989, 1990 and 1991 School and Public Building Bonds Dear Everett: This letter serves as Orange County's official request and application for the Commission's consideration to allow the County of Orange to refund it's Series 1989, 1990 and 1991 School and Public Building General Obligation Bonds. The original principal amount issued totalled $11, 800, 000 for Series 1989 , $9, 075, 000 for Series 1990, and $8, 125, 000 for Series 1991. The current outstanding principal amount for all Series is $26, 575, 000. The County has reviewed an analysis of the advance refunding for the bonds and based upon the potential cumulative and present value savings achievable as outlined herein, we have determined that it would be in the County's best interest to proceed with a refunding issue. The proposed issue would be contingent upon market conditions justifying an offering of refunding bonds and obtaining a present value savings of at least three percent of the prior issue. Details of this transaction are as follows: Proposed Transaction - Advance Refunding Authorizing Statute - N.C.G.S. Section 159-72 Refunded Bonds - Series 1989 , 1990 and 1991 School And Public Building Bonds Issue Amount/Maturity - $28 , 325, 000. (not to exceed) 17 years (remaining maturity schedule of refunded bonds) 109 COURT STREET • P.O.BOX 8181 • HILLSBOROUGH,NORTH CAROLINA 27278 • 919/732-8181