Agenda - 11-19-2001 - 8b - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Dale: November 19, 2001 Action Agenda Item NO. $-~t SUBJECT: Dedarafion of Bond Referentlum Results antl Reimbursement Reaclufions DEPARTMENT: Finance PUBLIC HEARING: (YIN) No ATTACHMENT(S): INFORMATION CONTACT: Ken Chavious. en. 2453 - Resolution Certifying antl Approving Election Results TELEPHONE NUMBERS: Statement of Referentlum Results Hillsborough 732.8181 Reimbursement Resolutions Chapel HIII 9684681 Durham 668-7331 Mebane 338-227-2831 PURPOSE: To officially accept the repoH of the Boertl of Elections regarding the results of the November 8, 2001 Bond Referendum, antl to atlppt reimbursement resolutions authorizing the County to reimburse iNeBfor bontl proles! expenditures incurretl prior tc the actual sale of bontls. BACKGROUND: The Boats of Elections met on Friday, November 9, 2001 for the purppee of evitlencing the canvass of the returns of the November 6, 2001 bontl referentlum and ofkcially determihing the resuts thereof. Approval of fhe declaration of results is anmher requiretl step in the bontl referentlum process. The necessary documeMS have been prepared by Bontl Counsel. In peat bond referentlums, there were occasions in which the approved projects incurred expenditures prior to the actual sale of the authodzetl bonds. In these instances, the BOCC had adopted reimbursement resolutions which authorizetl the County [o provitle the footling up front antl reimburse i[seNfrom bond proceeds. The sale of bontls and receipt of proceetls lakes approximately 120 tlays. This process involves a signi6rant amount of interaction between County staff, Bontl Counsel antl the Local Government Commission as well as signi8cam bond Issuance mats. These factors are present regaNless of the ampunt of bontls soltl. Because of the fimefmmes antl costa. k is in the County's best Interest to schedule bontl sales only when signiBCeM amounts of funtlsare nestled for the projects involved or b take atlvan[age of mallet mntligons. Reimbursement resolutions would allow the Count' to proceetl wkh planned pmjeQS while provWing Bexibiltty on [he schetluling of bond sales. The regulations of the Intemel Revenue Service require the governing boartl [o atlopt resolutions slating its intent to reimburse Itself with bontl proceetls for capital project expenses incurretl wkh local funtls. Bontl Counsel has peparetl Ne required remlu[ions far each of the four approved purposes. The opportunities providetl by the reimbursement resolutions shoultl be mnsidared as an additional tool available Yo the County, antl exercising them will be at the BOCC's discretion when timing antl fnanciel conditions dictate.