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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 18, 2021 <br /> Action Agenda <br /> Item No. 8-d <br /> SUBJECT: Affordable Housing General Obligation Bond Sale — $2,500,000 <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. General Obligation Bond Sale Gary Donaldson, 919-245-2453 <br /> Resolution Paul Laughton, 919-245-2152 <br /> Bob Jessup, 919-933-9891 <br /> PURPOSE: To adopt the attached General Obligation (GO) bond resolution for the following <br /> purposes: <br /> 1) Formally authorizes the sale of$2,500,000 in affordable housing bonds; <br /> 2) Formally pledges the County's taxing power to provide for payment on the bonds; <br /> 3) Approves the proposed form of the bonds; <br /> 4) Approves the form of the draft official statement for use in offering bonds to investors; <br /> 5) States the County's agreement to comply with the relevant provisions of federal tax law <br /> and the federal rules for continuing disclosure to the securities markets; and <br /> 6) Authorizes County staff to complete the process of issuing the bonds and authorizing the <br /> final principal payment schedule. <br /> BACKGROUND: On November 8, 2016 the voters of Orange County approved the issuance of <br /> up to$5,000,000 of the County's general obligation bonds to pay capital costs of providing housing <br /> for persons of low and moderate income. On November 15, 2017, the County issued $2.5 million <br /> of the $5 million authorized Bonds through the General Obligation Taxable Affordable Housing <br /> Bonds, Series 2017C. <br /> On November 5, 2020, the BOCC approved the four Affordable Housing projects <br /> below: <br /> Center for Community Self-Help-2200 Homestead Apartments $ 1,500,000 <br /> EmPOWERment Inc. PEACH Apartments $ 700,000 <br /> Habital for Humanity- Weavers Grove $ 134,160 <br /> Interchurch Council Housing-Chase Park Apartments $ 165,840 <br /> TOTAL $ 2,500,000 <br /> In accordance with the County Capital Investment Program and in advisement with the County's <br /> bond counsel and financial advisor, County staff recommends that the County proceed with the <br />