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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. 1- a <br />SUBJECT: Pub] <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 1, 2000 <br />and Adoption of Bond Order for Two-Thirds Bonds <br />DEPARTMENT: Finance <br />ATTACHMENT(S): <br />Bond Order Foal Adoption <br />Resolution Regarding Publication of Order <br />PUBLIC HEARING: (Y/N) Yes <br />INFORMATION CONTACT: <br />Ken Chavious <br />TELEPHONE NUMBERS: - - ext. 2453 <br />Hillsborough 732-8181 <br />Chapel Hill 9684501 <br />Durham 688-7331 <br />Mebane 227-2031 <br />PURPOSE: To conduct the required public hearing for the issuance of two-thirds bonds and to <br />consider final adoption of the Bond Order and Publication Resolution. <br />BACKGROUND: At the December 7, 1999 meeting, the Board introduced- the Bond Order <br />authorizing the issuance of two-thirds net debt reduction general obligation bonds totaling <br />$2,846,000 for the purpose of financing major renovations to the Whiffed Human Services Center <br />and Northern Human Services Center. The Board authorized the Clerk to publish a Public Hearing <br />Notice and the Finance Director to file a Sworn Statement of Debt. The scheduled January 18, 2000 <br />public hearing was postponed due to inclement weather. The public hearing was rescheduled and <br />readvertised for the Board's 7:30pm meeting on February 1. <br />Staff has prepared a presentation that. outlines the scope of work that needs to be accomplished <br />under each project proposed for the two-thirds bond funding. After the presentation, the required <br />public hearing should be held. The Clerk to the Board has published the Public Hearing notice <br />within the required time frame and the Finance Director has filed the Sworn Statement of Debt as <br />required by the Local Government Commission. Once the Public Hearing is closed, final action can <br />be taken on the Bond Order, if the Board so desires. The Bond Order for adoption is attached and is <br />in a form identical to the form introduced at the December 7, 1999 meeting. If the Board chooses <br />to adopt the Bond Order, a resolution to authorize publishing notice of such adoption would also <br />require Board action. The required resolution is also attached. Separate actions are required for the <br />Bond Order and the resolution. <br />FINANCIAL IMPACT: There is no financial impact related to the adoption of the Bond Order, <br />however, once bonds are finally sold it is estimated that annual debt service costs could range from <br />$200,000 to $2301000.