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DRAFT <br />Resolution Stating Intent To Proceed with a Referendum <br />For Orange County General Obligation Bonds <br />WHEREAS: <br />4 <br />In February, 2001, the Board of Commissioners of Orange County, North Carolina, <br />appointed a capital needs advisory task force to review potential capital projects for <br />County funding and to provide to the Board a recommendation for the elements and sire <br />of a proposed County bond referendum for November, 2001. <br />The task force has provided a recommendation to the Board, and the Board has <br />carried out its own deliberations and evaluations of candidates for bond financing. As a <br />result of these deliberations and evaluations, the Board has made the determination to <br />proceed toward a bond referendum as described in this resolution. <br />BE IT THEREFORE RESOLVED by the Soard of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. The Board makes an initial determination to proceed with a referendum for <br />County general obligation bonds in the maximum amounts and for the purposes set forth <br />below: <br />Purpose <br />Public school facilities <br />Parks and open space <br />Affordable housing <br />Senior centers <br />Amount (~) <br />xx,xxx,xx <br />xx,xxx,xx <br />x,xxx,xx <br />X,XXX,XX <br />2. The Board hereby makes the following findings of fact in support of its <br />determination -- <br />a) The proposed capital projects are necessary and expedient for the <br />County. The Board makes reference to the task force report for an explanation of <br />projects considered by the Board in the process of determining the amounts and <br />purposes for proposed bonds, although the Board notes that the projects eventually <br />