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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 21, 2003 <br />Action Agenda <br />Item No. 1-a <br />SUBJECT: Public Hearing on the Issuance of Refunding Bonds and Adoption of Refunding <br />Bond Orders <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) es <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Bond Order for Adoption Ken Chavious, ext. 2453 <br />Notice of Adoption of Bond Order <br />Resolution for Bond Order Publication TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To conduct the required public hearing on the advisability of issuing refunding <br />bonds and to adopt the bond order authorizing the issuance of refunding bonds if the Board so <br />desires. <br />BACKGROUND: On December 2, 2002, the Board introduced the attached bond order in <br />consideration of pursuing the refunding of bonds issued by the County in March of 1993 and <br />bonds previously refunded in June of 1993. In addition, the Board established January 21, <br />2003 as the public hearing date to receive public comment on the advisability of the proposed <br />refunding. The public hearing notice has been published as required and all other procedural <br />steps have taken place in accordance with Local Government Commission and statutory <br />regulations. In order to proceed with the refunding process, the Board is required to take action <br />to adopt and publish the Bond order. This action can only occur after public comment on the <br />refunding proposal. <br />FINANCIAL IMPACT: There is no immediate fiscal impact. However, once the refunding is <br />complete, the County would realize annual savings of approximately $125,000 in debt <br />payments. Savings for the remaining term of the bonds would be in the neighborhood of <br />$1,300,000. <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the Public <br />Hearing and adopt the bond order and the resolution for bond order publication.