Agenda - 11-16-1993 - VI-A - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No V -A ACTION AGENDA ITEM ABSTRACT Meeting Date: November 16, 1993 SUBJECT: Community Activity Corporation (Swimming Pool) Revenue Bonds DEPARTMENT County Manager/Attorney PUBLIC HEARING YES X NO ATTACHMENT(S) INFORMATION CONTACT Public Hearing Notice Rod Visser, ext 2300 Geof Gledhill, 732-2196 TELEPHONE NUMBER Hillsborough 732-8181 Chapel Hill 968-4501 Mebane 227-2031 Durham 688-7331 PURPOSE: To conduct a public hearing on the proposed issuance of Orange County Community Activity Corporation revenue bonds. BACKGROUND: At the October 4, 1993 meeting, the Board of Commissioners approved the County' s participation in a "63-20" financing arrangement whereby the Orange County Community Activity Corporation (previously known as the Triangle Youth Hockey Association) would issue bonds, in an amount not to exceed $8.5 million, for the construction of a swimming pool/ice rink facility at the Meadowlands. The debt thus created is an obligation strictly of the Corporation. The County is in no way incurring debt or pledging its faith and credit or taxing power for the repayment of the bonds. Because "63-20" financing under the Internal Revenue Service Code permits the sale of bonds as tax-exempt instruments which will benefit a non-governmental agency, the County is required to hold a public hearing on the matter under provisions of the federal 1986 Tax Equity and Fiscal Responsibility Act (TEFRA) . The County Attorney has caused the publication of the required public hearing notice. The only procedural acts that the Board of Commissioners must take are to open the public hearing, to receive citizen comments about the issuance of the proposed bonds, and to close the public hearing. RECOMMENDATION: The Manager recommends that the Board conduct the public hearing.