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A <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. VM-- $ <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: August 3, 1992 <br />SUBJECT: Introduction of Bond Order and Sworn Statement of Debt <br />DEPARTMENTt Finance PUBLIC HEARING YES: NO: X <br />1 <br />ATTACHMENT(S): INFORMATION CONTACT: Ken Chavious <br />Correspondence from Bond Counsel <br />Suggested form of Board Proceedings TELEPHONE NUMBER - <br />Sworn Statement of Debt Hillsborough - 732 -8181 <br />Bond Order Chapel Hill - 968 -4501 <br />Suggested form of Bond Question for Mebane - 227 -2031 <br />Ballot Durham - 688 -7331 <br />PURPOSE: To introduce the Bond Order and take other actions for the <br />November 3, 1992 Bond Referendum as required by the Local Government Bond <br />Act. <br />BACKGROUND: At the June 29, 1992 meeting the Board of Commissioners - <br />authorized publication of a "Notice of Intent" to file an application <br />with the Local Government commission seeking approval to hold a Bond <br />Referendum On November 3, 1992. In addition, the Board approved a <br />calendar of the various steps to be taken in connection with the <br />referendum. <br />The "Notice of Intent" was published in mid July and the application has <br />been filed with the LGC. The next step in the referendum process is the <br />Introduction of the Bond Order. This is usually accomplished by the <br />Board Chair reading the Order aloud. Subsequent to the Bond Order's <br />introduction, a public hearing date on the Order should be established, <br />and the Finance Director, or Deputy Finance Director, is required to file <br />a "Sworn Statement of Debt" with the Clerk to the Board. In accordance <br />with the approved timetable, the public hearing should be held on August <br />18, 1992 and the "Sworn Statment of Debt" filed within the proceedings of <br />the August 3, 1992 meeting. <br />Finally, the Bond Order and the public hearing notice must be published <br />by August 6, 1992 in order to meet the requirements set forth in the <br />approved timetable. <br />RECOMMENDATION(S): The Manager recommends that the Board; <br />a. Introduce the Bond Order as mentioned above. <br />b. Authorize the Deputy Finance Director to file <br />the "Sworn Statement of Debt." <br />c. Set the public hearing date for August 18, 1992. <br />d. Instruct the Clerk to publish the Bond Order and <br />public hearing notice by August 6, 1992. <br />e. Approve the form of the bond question to be posed <br />on the November 3, 1992 ballot. <br />