Orange County NC Website
Browse       Search
• Authorizes the Finance Director, in consultation with the LGC, to set the final payment <br />schedule <br />• Approves the form of the official Statement prepared by the County and the LGC. <br />• Makes the required continuing disclosure commitments. <br />• Authorizes County staff to complete the process of issuing bonds. <br />The resolution has been prepared by Bond Counsel in compliance with the requirements of the <br />LGC. <br />FINANCIAL IMPACT: Staff will pursue a repayment structure on the 2001 bonds that will <br />include interest only for the first fiscal year (2003-2004). These interest payments are currently <br />estimated to be $749,495 and will be included in the Manager's 2003-2004 recommended <br />budget. Annual principal payments of $550,000 will begin in the 2004-2005 fiscal year. <br />Savings on the issuance of the refunding bonds is detailed above. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />formally authorizing the sale of the 2001 bonds and the 1993 refunding bonds. <br />