Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No _ar-/4 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 5, 1993 <br /> SUBJECT: Establishment of Public Hearing Date - Refinancing of 1988 <br /> Bonds <br /> DEPARTMENT Finance PUBLIC HEARING YES NO X <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> Bond Sale Procedural Calendar Ken Chavious, ext 2450 <br /> from Bond Counsel TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To set a date for a public hearing on the refinancing of <br /> County bonds approved in the November 1988 referendum. <br /> BACKGROUND: At the March 23 meeting, the Board of Commissioners <br /> directed the staff to pursue the refinancing of all outstanding bonds <br /> that were authorized by Orange County voters in November 1988. <br /> Refinancing remaining 1989, 1990, and 1991 Series bonds could save the <br /> County as much as $1 million, under today' s market conditions, in <br /> interest costs over the life of the bonds. <br /> As with the recent sale of new school bonds, there are a number of <br /> procedural steps required by the Local Government Commission leading up <br /> to a planned sale of refunded bonds on May 18. One of these is a <br /> public hearing, which Bond Counsel suggests should be held at the May 3 <br /> regular meeting of the County Commissioners. <br /> RECOMMiENDATION: The Manager recommends that the Board schedule a <br /> public hearing on the refunding of 1988 bonds for Monday, May 3, 1993 <br /> at 7 :30pm at the Cedar Grove Ruritan Building. <br />