Agenda - 06-23-2005-8b - Laserfiche WebLink

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RESOLUTION FOR A BOND SALE WHEREAS: The voters of Orange County, North Carolina (the "County"), on November 6, 2001, approved the issuance of County general obligation bonds for various purposes, including schools, senior centers and parks, recreation and open space (the "Referendum Bonds"). In addition, on June 23, 2005, the County's Board of Commissioners (the "Board") authorized the issuance of up to $35,000,000 of County general obligation refunding bonds (the "Refunding Bonds"). Tlie Refunding Bonds do not require referendum approvah The Referendum Bonds and the Refunding Bonds will be referred to collectively in this resolution as the "Bonds". The Board has determined that the County should now issue the Refunding Bonds and a portion of the Referendum Bonds, BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Sell Referendum Bonds -The County will issue and sell Referendum Bonds for their authorized purposes, as follows: tTp to $ of the $3,500,000 authorized and unissued bonds for senior centers; Up to $ of the $5,500,00 authorized and unissued bonds for parks, recreation and open space; and As much as all of the $2.5,685,000 authorized and unissued school bonds. These bonds will be sold as a single issue of bonds to be designated "General Obligation [Public Improvement] Bonds, Series 200.5." 2. Determination To Sell Refiaadiug Bonds -- The County will also issue and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds will be designated "General Obligation Refunding Bonds, Series 2005." The Refunding Bonds may be sold as a separate issue but simultaneously with the Referendum Bonds or may be combined for sale as a single issue with the Referendum Bonds, as the County's Finance Officer may determine in consultation with the North Carolina Local Government Commission (the "LGC").