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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 25, 2001 <br />Action Age a <br />Item No. ~~ <br />SUBJECT: Notice of Intent to Pursue a Bond Referendum on November 6, 2001 <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />County Manager <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Draft Notice of Intent Ken Chavious, ext. 2453 _ <br />Draft Resolution John Link or Rod Visser, ext. 2300 <br />Bond Referendum Timetable TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham fi88-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To proceed with the legal requirements and Local Government Commission <br />guidelines necessary for the Bond Referendum proposed for the November 6, 2001 election. <br />BACKGROUND: In late 2000, the BOCC began preliminary discussions on a possible <br />November 2001 bond referendum. Following additional consideration and review of possible <br />projects that might be appropriate for a November 2001 referendum, the BOCC appointed the <br />Orange County Capital Needs Advisory Task Force (CNATF) in February, 2001. The CNATF <br />was a group of concerned parties representing various interests and elected bodies in the <br />County. The CNATF's charge, among other duties, was to review all of the proposed projects <br />from various entities for possible inclusion in the November 2001 bond referendum and <br />recommend a proposed size and the elements of a bond package. The CNATF met during the <br />spring of 2001 and completed its work in late May. The CNATF's final report was provided to <br />the BOCC in early June. Based on that report and other information, the BOCC may wish to <br />move forward with establishing a proposed bond package in order to meet legal obligations <br />associated with a November 2001 bond referendum timeline. <br />In accordance with the proposed timetable, the initial Board action required for the November <br />referendum is the adoption of the "Notice of Intent". Adoption and publication of this notice is a <br />statutory requirement and ofFicially informs the public of the County's plans to have a bond <br />referendum and to issue bonds to fund certain capital projects. The "Notice of Intent" has been <br />prepared by Bond Counsel and establishes the maximum amount of bonds, by purpose, for <br />which the County will be seeking LGC approval. Once adopted, the amount finally agreed upon <br />by the Board can not exceed the maximums established for each specific purpose in the "Notice <br />of Intent." <br />In addition to the statutory requirement for the "Notice of Intent", the LGC requires that the <br />County adopt a resolution which states the "findings of fact" related to the need for the County <br />