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rrF 5_-a-art <br /> s�REs-ZO i 7-026 <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 a wide <br /> variety of projects, and calls for funding those projects using the multiple tools available to <br /> the County. Staff has suggested that the Board of Commissioners proceed with the issuance <br /> of County general obligation bonds to provide funds for the renovation and improvement <br /> of school facilities. These improvements will be made in both the Chapel Hill - Carrboro <br /> school system and the Orange County school system. <br /> The County expects to be able to issue approximately $5,900,000 general obligation <br /> bonds to provide funds for this project. These bonds would be issued under the provisions <br /> of law that allow the County to issue general obligation bonds to the extent of two-thirds of <br /> the amount the County paid down its debt in the prior fiscal year. <br /> Under the guidelines of the North Carolina Local Government Commission, this <br /> governing body must make certain findings of fact to support the County's application for <br /> the LGC's required approval of the County's proposed two-thirds bonds. In this resolution, <br /> the Board of Commissioners makes the appropriate findings, and takes other appropriate <br /> action. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, <br /> North Carolina, that the Board makes an initial determination to issue approximately <br /> $5,900,000 general obligation school bonds for renovation and improvement of school <br /> facilities. The Board will determine the final amount of bonds to be issued by a later <br /> resolution. The total amount financed may reflect adjustment to the expected project costs <br /> and may include amounts for financing costs. <br /> BE IT FURTHER RESOLVED that the Board makes the following findings of fact in <br /> support of its determination: <br /> (1) The proposed capital projects are necessary and expedient for the County. <br /> (2) The amount of bonds proposed is adequate and not excessive for the <br /> proposed purpose. <br /> (3) The County's debt management and budgetary and fiscal management <br /> policies have been carried out consistently in accordance with the law. <br /> (4) The Board believes that no actual increase in the County's property tax rate <br /> will be necessary to provide for principal and interest payments on the bonds. The Board <br />