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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />— <br />ACTION AGENDA ITEM ABSTRACT Item No . � <br />Meeting Date: April 1, 1991 <br />SUBJECT: Bond Sale - Legal Proceedings <br />DEPARTMENT- Finance-- T- _' - - ^ - -- PUBLIC- HEARING YES: `- NO X T <br />ATTACHMENT(S): INFORMATION CONTACT Ken - Chavious <br />Provided by Bond Counsel under <br />separate cover. TELEPHONE NUMBER- <br />Hillsborough - 732-8181 <br />Chapel Hill - 968 -:501 <br />Mebane - 227 -2031 <br />Durham - 688 -7331 <br />- <br />PURPOSE: To adopt proceedings provided by Bond - <br />Counsel related to sale <br />of County bonds. <br />BACKGROUND: The County is scheduled to sell $8.125 million in bonds on <br />April 23, 1991. A resolution fixing the details of the sale <br />will be required before the bond sale can take place. The <br />resolution has been prepared by the County's Bond Counsel, <br />Brown & Wood. <br />This bond sale is the third in a series of issues from the $30 <br />million bonds approved by the voters in November 1988. <br />The two previous bond sales occurred in the Spring of 1989 <br />and 1990. These sales, as well as the upcomming sale, are <br />in accordance with the schedules set forth in the CIP. This <br />issue will contain $3.655 million in School Bonds and $4.470 <br />million in Public Building Bonds. <br />Because of current trends in the Bond Market we are expecting <br />to receive a very favorable interest rate on our bonds. <br />RECOMMENDATION(S): Adopt proceedings as provided by Bond Counsel. <br />