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