Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 3, 2022 <br /> Action Agenda <br /> Item No. 8-k <br /> SUBJECT: Series 2022 General Obligation Bond Sale in the Amount of $14,540,000 <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. Series 2022 General Obligation Bond Gary Donaldson, 919-245-2453 <br /> Sale Resolution Rebecca Crawford, 919-245-2152 <br /> Bob Jessup, 919-933-9891 <br /> PURPOSE: To authorize voter-approved Series 2022 General Obligation Bond issuance in the <br /> amount of $14,540,000. The bond issuance amount is $11,893,584 for Orange County Schools <br /> and $2,646,416 for Chapel Hill-Carrboro City Schools. <br /> BACKGROUND: The aforementioned bond amounts represent the final tranche of authorized <br /> general obligation school bonds that were approved by County voters in November 2016 Bond <br /> Referendum. Following the issuance of these general obligation bonds, all of the $120 million <br /> school general obligation bonds will be issued. <br /> Orange County Schools will use bond proceeds to finance various mechanical system <br /> improvements in its facilities. Chapel Hill-Carrboro City Schools will use bond proceeds to finance <br /> the Chapel Hill High School project. <br /> The actual interest rates on these bonds will be determined when the Local Government <br /> Commission takes competitive bids on May 17, 2022. <br /> FINANCIAL IMPACT: The General Obligation bonds are included in the County's FY 2022-2032 <br /> Capital Investment Plan and Debt Affordability Model. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this agenda item: <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal <br /> impact associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br /> resolution. <br />