Agenda - 06-23-2004-8c - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 23, 2004 Action Agenda Item No. __~G _ SUBJECT: Public Hearing and Final Steps for Planned Debt Issuance DEPARTMENT: Finance PUBLIC HEARING: (Y/N) Yes ATTACHMENT(S): Bond Orders for Adoption Resolution on Publication Bond Orders and Notice of Adoption Resolution far a Bond Sale Resolution Regarding Installment INFORMATION CONTACT: Ken Chaviaus, ext. 2453 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Financing Durham 688-7331 Mebane 336-227-2031 PURPOSE: To receive public comment on the bond orders far the proposed issuance of $4,2 million in two-thirds net debt reduction bonds and $15 million in installment financing and to consider taking further actions that would allow staff to proceed with the issuance of the proposed debt. BACKGROUND: On .lune 8, 2004, the Board introduced the Bond Orders for the issuance of $4,2 million in two-thirds net debt reduction bonds and established a public hearing date to receive public comment on the proposed debt issue. June 23, 2004 was the date set for the hearing. In addition to these actions, the Baard adapted a preliminary resolution granting approval for the staff to pursue the issuance of approximately $15 million in installment financing, as well as adopted reimbursement resolutions that will allow the County to reimburse itself far projects the may begin prior to receipt of the borrowed funds. All of these actions were in accordance with the proposed timetable prepared by the County's bond counsel and all projects funded are included in the debt issuance schedule endorsed by the Board an May 5, 2004, Debt issuance related to the Bonds is scheduled far discussion and approval by the Local Government Commission (LGC) an July 6, 2004, The bond sale is currently scheduled for July 20, 2004, and closing and delivery is set far August 3 and 4, 2004. LGC action on the installment financing, which could be in the form of certificates of participation (COPs) and/or private placement has not yet been scheduled, The mast recent project cash flow information received from Chapel Hill-Carrbara School system staff indicates that the funds included in the alternative financing proposal for high school number 3 at $4,7 million and various other school projects totaling $4.3 million will not be needed until early 2005, The LGC has advised that approval for the of the installment purchase should be scheduled to coincide mare closely with the cash flaw needs of these major projects, There will be no further Board actions required for the alternative financing as long as the projects remain unchanged.