Agenda - 02-17-2003-5b - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: February 17, 2003 Action Agenda Item No. -~j ~- b SUBJECT• Resolution for Sale of 2001 Bonds and Refunding of 1993 Bonds DEPARTMENT: Finance PUBLIC HEARING: (YIN) No ATTACHMENT(S): Resolution for Bond Sale Proposed Projects for November 2001 Bonds & Alternative Financing - INFORMATION CONTACT: Ken Chavious, ext 2453 Fiscal Years 2002-03 and 2003-04 TELEPHONE NUMBERS: Draft Official Statement Hillsborough 732-8181 (Under Separate Cover) Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider adoption of a resolution formally authorizing the March 11, 2003 sale of the 2001 referendum bonds and the 1993 refunding bonds approved by the Board in previous actions. BACKGROUND: During the past several weeks, the Finance Director has worked with the Local- Government Commission (LGC) and Bond Counsel to pursue a sale of the $19,175,000 in bonds approved by the voters on November 6, 2001. In addition, the Board has taken action authorizing the Finance Director to pursue a refunding of a portion of bonds issued in 1993. Both of these initiatives are currently scheduled by the LGC for March 11, 2003. The 2001 referendum bonds are being issued in accordance with the Board approved plan and include: $13,750,000 School Bonds $ 1,300,000 Affordable Housing Bonds $ 3,625,000 Parks and Open Space bonds $ 500,000 Senior Centers The refunding bonds are estimated at an amount not to exceed $28,000,000 including issuance costs, and savings have been estimated to be in excess of $110,000 annually and slightly less than $1.3 million for the remaining term in accordance with the most recent analysis. The LGC requires the County to adopt a resolution formally authorizing the sale and the refunding. The authorization for both actions has been included in one resolution. The resolution accomplishes the following: • Formally authorizes the sale of the 2001 bonds. • Formally authorizes the sale of the refunding bonds. • Formally pledges the County's taxing power to provide for the payments on the bonds.