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Agenda - 02-17-2003-5b
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Agenda - 02-17-2003-5b
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Last modified
9/2/2008 8:55:21 AM
Creation date
8/29/2008 10:44:12 AM
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BOCC
Date
2/17/2003
Document Type
Agenda
Agenda Item
5b
Document Relationships
Minutes - 20030217
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2003
RES-2003-013 Resolution for Sale of 2001 Bonds and Refunding of 1993 Bonds
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2000-2009\2003
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3 <br />RESOLUTION FOR A BOND SALE <br />WHEREAS: <br />The voters of Orange County, North Carolina (the "County"), on November <br />6, 2001, approved the issuance of County general obligation bonds for various <br />purposes, including schools, senior centers, affordable housing and parks, recreation <br />and open space. The County has not yet issued any of the bonds approved at the <br />2001 election (the "Referendum Bonds") . <br />In addition, on January 21, 2003, the County's Board of Commissioners (the <br />"Board") authorized the issuance of up to $28,000,000 of County general obligation <br />refunding bonds (the "Refunding Bonds"). The Refunding Bonds do not require <br />referendum approval. The Referendum Bonds and the Refunding Bonds will be <br />referred to collectively in this resolution as the "Bonds". <br />The Board has determined that the County should now issue the Refunding <br />Bonds and a portion of the Referendum Bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Sell Referendum Bonds -The County will issue and <br />sell Referendum Bonds for their authorized purposes, as follows: <br />$13,750,000 of the $47,000,000 authorized and unissued school bonds; <br />$500,000 of the $4,000,000 authorized and unissued bonds for senior centers; <br />$1,300,000 of the $4,000,000 authorized and unissued bonds for certain <br />housing purposes; and <br />$3,625,000 of the $20,000,000 authorized and unissued bonds for parks, <br />recreation and open space purposes. <br />These bonds will be sold as a single issue of bonds to be designated "General <br />Obligation Public Improvement Bonds, Series 2003." <br />2. Determination To Sell Refunding Bonds -- The County will also issue <br />and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds <br />will be sold as a separate issue but simultaneously with the Referendum Bonds. The <br />
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