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to issue bonds to fund projects. This resolution has been prepared by Bond Counsel and is <br />essential in obtaining the required approval from the LGC to proceed with the November <br />referendum. <br />FINANCIAL IMPACT: There is no immediate financial impact associated with this action. If <br />bonds are approved and sold, general fund appropriations to pay debt service will be required. <br />During June budget work sessions, the Board has discussed the passibility of proposing for <br />voter approval a maximum total of $75 million in bonds for schools, parks and open space, <br />affordable housing, and senior centers. If approved by voters and subsequently issued, staff <br />estimates that the maximum cumulative tax rate impact for paying debt service on $7'5 million in <br />new general obligation bonds would be approximately 7.3 cents per $100 valuation. In addition <br />to the purposes mentioned, the County's bond counsel .has also pointed out that a fifth purpose <br />related to "County Land" could be considered in the notice of intent for the possible acquisition <br />of property to be used for public purposes to be determined in the future. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />• confirm the proposed timetable <br />• approve the "Notice of Intent" <br />• adopt the Resolution <br />• authorize the Clerk to publish the "Notice of Intent" <br />