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4 <br /> RES-2024-018 Attachment 1 <br /> Resolution Stating Intent To Proceed with a Referendum <br /> On $300,000,000 General Obligation School Bonds <br /> Introduction -- <br /> Orange County has studied the need for capital improvements for public <br /> schools. The Board of Commissioners has received requests from the Chapel Hill - <br /> Carrboro and the Orange County School Boards to proceed with a referendum on the <br /> issuance of County general obligation bonds to provide funds for construction and <br /> improvement of school facilities. After considering the need for improvements and <br /> the alternative means of financing the required costs, the Board has made a <br /> preliminary determination to finance at least some of the costs by issuing general <br /> obligation bonds. <br /> The issuance of these bonds is subject to the approval of the County's voters at <br /> a bond referendum. This resolution is the Board's first formal step toward placing <br /> these bonds before the voters. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, that the Board makes an initial determination to proceed <br /> with a referendum on November 5, 2024, for County general obligation school bonds <br /> in the maximum amount of$300,000,000. <br /> BE IT FURTHER RESOLVED that Board makes the following findings of fact in <br /> support of its determination: <br /> (1) The proposed capital projects are necessary and expedient for the County. <br /> (2) The amount of bonds proposed is adequate and not excessive for the <br /> proposed purpose. The precise amount of bonds issued, and the projects eventually <br /> funded with bond proceeds, will depend on final project plans and costs and the <br /> evolving needs within the County. <br /> (3) The County's debt management and budgetary and fiscal management <br /> policies have been carried out consistently in accordance with the law. <br />