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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 23, 2005 <br />Action Agenda <br />Item No. ~-b <br />SUBJECT: Public Hearing on the Issuance of Refunding Bonds, Adoption of Refunding <br />Bond Orders and Adoption of Bond Sale Resolution <br />DEPARTMENT: Finance <br />PUBLIC HEARING: (Y/N) Yes <br />ATTACHMENT(S): <br />Bond Order far Adoption <br />Notice of Adoption of Bond Order <br />Resolution for Bond Order Publication <br />Band Sale Resolution <br />INFORMATION CONTACT: <br />Ken Chavious, ext 2453 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />PURPOSE: To conduct the required public hearing on the advisability of issuing refunding <br />bonds, and then, if the Board so desires, to adopt the appropriate Bond Order and resolutions <br />to provide for the sale of refunding bands and a portion of the bonds approved at the County's <br />2001 bond referendum. <br />BACKGROUND: On June 14, 2005, the Board introduced the attached bond order in <br />consideration of pursuing the refunding of bonds issued by the Ccunty in April 2000. In <br />addition, the Board established June 23, 2005 as the public hearing date to receive public <br />comment on the advisability of the proposed refunding. The public hearing notice has been <br />published as required and all other procedural steps have taken place in accordance with Local <br />Government Commission (LGC) and statutory regulations. In order to proceed with the <br />refunding process, the Board is required to take action to adopt and publish the Bond order. <br />This action can only occur after public comment on the refunding proposal. <br />In addition to the action mentioned above, the Board is asked to consider adoption of a <br />resolution formally authorizing the August 16, 2005 sale of the 2001 referendum bonds and the <br />2000 refunding bonds mentioned above as required by the LGC. The sale of the 2001 voter <br />approved bonds will include funds far schools, parks, affordable housing and senior centers, <br />The amount will be determined at the June 20, 2005 work session on capital projects. The <br />required resolution for adoption will be completed after the amounts are determined by the <br />Board. The Bond Sale resolution accomplishes the following: <br />Formally authorizes the sale of the 2001 bonds. <br />Formally authorizes the sale of the refunding bonds. <br />Formally pledges the County's taxing power to provide for the payments on the bonds. <br />