Orange County NC Website
ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 25, 2001 <br />Action Age da <br />Item No. ~^ <br />SUBJECT: Sale of 1997 Bonds and Refundin Bonds <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Resolution for Bond Sale Ken Chavious, ext 2453 <br />Draft Preliminary Official Statement <br />(Under Separate Cover) TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 9684501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider adoption of a resolution formally authorizing the July sale of the 1997 <br />referendum bonds and the'refunding bonds approved by the Board in previous action. <br />BACKGROUND: During the past several weeks, the Finance Director has worked with the <br />Local Government Commission (LGC) and Bond Counsel to pursue a sale of $17,470,000 in <br />bonds approved by the voters on November 4, 1997. In addition, the Board has taken action <br />authorizing the Finance Director to pursue a refunding of a portion of the 1992 voter approved <br />bonds. Both of these initiatives are currently scheduled for July 31, 2001. The 1997 <br />referendum bonds include the following projects: <br />$12,500,000 School Bonds for Cedar Ridge High School <br />1,800,000 Affordable Housing Bonds for various projects <br />3,170,000 Parks bonds for various projects <br />The refunding bonds are estimated at an amount not to exceed $24,000,000 including issuance <br />costs, and savings have been estimated to be in excess of $50,000 annually and slightly less <br />than $700,000 for the remaining term. <br />The LGC requires the County to adopt a resolution formally authorizing the sale and the <br />refunding. The authorization for both actions has been included in one resolution. The <br />resolution accomplishes the following: <br />• Formally authorizes the sale of the 1997 bonds. <br />• Farmally authorizes the sale of the refunding bonds. <br />• Formally pledges the County's taxing power to provide for the payments on the bonds. <br />• Authorizes the Finance Director, in consultation with the LGC, to set the final payment <br />schedule. <br />• Approves the form of the official Statement prepared by the County and the LGC. <br />