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3 <br /> RES-2017-026 <br /> Resolution Stating Intent To Proceed with a General Obligation <br /> Bond Issue for Orange County, North Carolina <br /> WHEREAS-- <br /> The County's long-range capital improvement plan contemplates funding for <br /> a wide variety of projects, and calls for funding those projects using the multiple <br /> tools available to the County. Staff has suggested that the Board of Commissioners <br /> proceed with the issuance of County general obligation bonds to provide funds for <br /> the renovation and improvement of school facilities. These improvements will be <br /> made in both the Chapel Hill - Carrboro school system and the Orange County <br /> school system. <br /> The County expects to be able to issue approximately $5,900,000 general <br /> obligation bonds to provide funds for this project. These bonds would be issued <br /> under the provisions of law that allow the County to issue general obligation bonds <br /> to the extent of two-thirds of the amount the County paid down its debt in the prior <br /> fiscal year. <br /> Under the guidelines of the North Carolina Local Government Commission, <br /> this governing body must make certain findings of fact to support the County's <br /> application for the LGC's required approval of the County's proposed two-thirds <br /> bonds. In this resolution, the Board of Commissioners makes the appropriate <br /> findings, and takes other appropriate action. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, that the Board makes an initial determination to issue <br /> approximately $5,900,000 general obligation school bonds for renovation and <br /> improvement of school facilities. The Board will determine the final amount of <br /> bonds to be issued by a later resolution. The total amount financed may reflect <br /> adjustment to the expected project costs and may include amounts for financing <br /> costs. <br />