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ORANGE COUNTY <br />BOARD OF GOMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 25, 2001 <br />Action Agenda <br />Item No.~ <br />SUBJECT: Public Hearing on the Issuance of Refunding Bonds and Adoption of Refunding <br />Bond Orders <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) es <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Bond Order for Adoption Ken Chavious, ext 2453 <br />Notice of Adoption of Bond Order <br />Resolution for Bond Order Publication TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To conduct the required public hearing on the advisability of issuing refunding <br />bonds and to adopt the bond order authorizing the issuance of refunding bonds if the Board so <br />desires. <br />BACKGROUND: On June 12, 2001, the Board introduced the attached bond order in <br />consideration of pursuing the refunding of a portion of the bonds approved by the voters in <br />November of 1992 and issued by the County in July of 1994. In addition, the Board established <br />June 25, 2001 as the public hearing date to receive public comment on the advisability of the <br />proposed refunding. The public hearing notice has been published as required and all other <br />procedural steps have taken place in accordance with Local Government Commission and <br />statutory regulations. In order to proceed with the refunding process, the Board is required to <br />take action to adopt and publish the Bond order. This action can only occur after public <br />comment on the refunding proposal. <br />FINANCIAL IMPACT: There is no immediate fiscal impact. However, once the refunding is <br />complete, the County would realize estimated annual savings of $50,000 on debt payments. <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the Public <br />Hearing and adopt the bond order and the resolution for bond order publication. <br />