Orange County NC Website
Browse       Search
5 <br />Kenneth T. Chavious <br />June 11, 2004 <br />Page 6 <br />Bond Order for Adoption - <br />Bonds for "Lands Legacy" Acquisitions <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION BONDS FOR LAND ACQUISITION IN THE MAXIMUM <br />AMOUNT OF $300,000 <br />WHEREAS- <br />The Board of Commissioners of Orange County, North Carolina (the <br />"County"), has along-standing conrrrritment to provide funds and acquire property, <br />and interests in property, for preservation, resource protection and open space <br />purposes under the County's "Lands Legacy" initiative. <br />By law, the County may issue general obligation bonds for this purpose <br />without referendum approval in an amount up to two-thirds of the amount by <br />which the County will have reduced its outstanding indebtedness in the 2003-04 <br />fiscal year. <br />The County has applied to the North Carolina Local Government <br />Cornmission (the "LGC") for its approval of such bonds for this purpose. The LGC <br />has accepted the County's application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />1. There are hereby ordered to be issued general obligation bonds of the <br />County to pay capital costs of the acquisition of land, and interests in land, for <br />preservation, resource protection and open space purposes, together with related <br />financing and other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $300,000. <br />Orange 04 23 2d meeting does <br />