RES-2024-018-Preliminary Resolution Stating an Intent to Proceed with a November 2024 referendum on 300 million general obligation school bonds

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RES -2024- 018 ` (Dj 6 � 41 g l aq Attachment 1 Resolution Stating Intent To Proceed with a Referendum On $ 300 , 000 , 000 General Obligation School Bonds Introduction - - Orange County has studied the need for capital improvements for public schools . The Board of Commissioners has received requests from the Chapel Hill - Carrboro and the Orange County School Boards to proceed with a referendum on the issuance of County general obligation bonds to provide funds for construction and improvement of school facilities . After considering the need for improvements and the alternative means of financing the required costs , the Board has made a preliminary determination to finance at least some of the costs by issuing general obligation bonds . The issuance of these bonds is subject to the approval of the County' s voters at a bond referendum . This resolution is the Board ' s first formal step toward placing these bonds before the voters . BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, that the Board makes an initial determination to proceed with a referendum on November 5 , 2024, for County general obligation school bonds in the maximum amount of $ 300 , 000 , 000 . BE IT FURTHER RESOLVED that Board makes the following findings of fact in support of its determination . ( 1 ) The proposed capital projects are necessary and expedient for the County. ( 2 ) The amount of bonds proposed is adequate and not excessive for the proposed purpose . The precise amount of bonds issued, and the projects eventually funded with bond proceeds , will depend on final project plans and costs and the evolving needs within the County. ( 3 ) The County' s debt management and budgetary and fiscal management policies have been carried out consistently in accordance with the law.