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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: .June 8, 2004 <br />Action Agenda <br />Item No. ~ -C <br />SUBJECT: Next Steps Required for Approved Debt Issuance <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Bond Orders <br />Public Hearing Resolution <br />Reimbursement Resolution <br />Notice of Public Hearing <br />Sworn Statement of Debt <br />Resolution Approving GOPs Financing <br />INFORMATION CONTACT: <br />Ken Chavious /Bob Jessup, ext. 2453 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider the required actions necessary to facilitate the issuance of debt in <br />accordance with the debt issuance schedule presented to the Board nn May 5, 2004, <br />BACKGROUND: At the May 5, 2004 meeting, the Board reviewed and endorsed a revised <br />schedule for the issuance of debt related to both School and County projects. The revised <br />schedule included the proposed sale of: <br />• $19,740,000 in 2001 voter approved bonds; <br />• $1,200,000 in 1997 voter approved sewer bonds; <br />• $14,650,000 in alternative financing, and; <br />• $4,200,000 in two-thirds net debt reduction bonds. <br />The combined total debt issuance is $39,790,000, Subsequently, at the May 18, 2004 <br />meeting, the Board adopted resolutions required for the first step in the issuance of the two- <br />thirds bonds in accordance with the step-by-step schedule provided by the County's Bond <br />Counsel. In order to proceed with the debt issuance further actions are required, <br />The next step in the issuance process includes the following actions: <br />• Introduction of the Bond Orders for the two-thirds bonds. This can be accomplished by a <br />Board motion to introduce the bond order for public facilities for up to $3,900,000 and the <br />Bond Order for land acquisition for up to $300,000, <br />• Establish public hearing date, In accordance with the schedule prepared by Counsel, <br />this date is set for the June 23, 2004 regular meeting, This date is necessary in order to <br />meet the notification and advertising requirements of the general statutes, <br />