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W— <br />3 <br />WHEREAS the Orange County Board of Commissioners proposes <br />implementing the school Capital Improvements with <br />the proceeds of general obligation bonds and with <br />annual proceeds of current property taxes, current <br />sales taxes and other current revenue; and <br />WHEREAS that portion of the school Capital Improvements <br />proposed to be implemented with the proceeds of <br />general obligation bonds is $52,000,000; and <br />WHEREAS it is the intent of the Orange County Board of <br />Commissioners to seek approval of the voters of <br />Orange County at the general election to be held in <br />Orange County on November 3, 1992 for Orange County <br />to issue general obligation bonds: <br />IT IS RESOLVED THAT: <br />1. Orange County intends, on November 3, 1992, to seek <br />approval of the voters of Orange County for Orange County to <br />issue general obligation bonds totaling $52,000,000. . <br />2. Orange County has made all debt service payments on <br />a timely basis as evidenced by its audit reports for the <br />year ending June 30, 1991. <br />3. According to Orange County's audit report for the <br />fiscal year ending June 30, 1991, its budgetary and fiscal <br />management policies have been carried out in compliance with <br />law. <br />