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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 29, 2000 <br />Action Agenda <br />Item No. ,5-.q <br />SUBJECT: Band Sale Resolutions <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution Providing For Bond Sale <br />Resolution Approving Initial and Continuing <br />Disclosure <br />Draft OfFicial Statement (Under Separate <br />Cover) <br />INFORMATION CONTACT: <br />Ken Chavious, ext 2453 <br />Bob Jessup_ <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968501 <br />Durham 688-7331 <br />Mebane 33fi-227-2031 <br />PURPOSE: To consider adopting resolutions required for the sale of $40,175,000 in general <br />obligation bonds for Schools, Parks and Public Buildings. <br />BACKGROUND: During the past several months the County Commissioners have taken <br />various actions related to the upcoming sale of the bonds authorized by the voters in the <br />November 1997 referendum. In addition, the Board authorized the staff to pursue the issuance <br />of two-thirds Bonds for projects approved in the CIP. All requirements of the Local Government <br />Commission (LGC) have been met thus far for both sets of bonds and the bond sale is <br />scheduled for April 4, 2000. The sale will include $34.5 million for schools, $2.830 million for <br />parks and 2.845 million two-thirds bonds for public buildings. <br />The final Board action required on the bond sale schedule is the adoption of two resolutions. <br />Resolution Providin For A Bond Sale - This resolution essentially provides the official approval <br />of the final amount of the bonds to be sold and establishes the maturity structure for the bonds. <br />Resolution Approving Initial and Continuing Disclosure For Bonds - This resolution approves <br />the form of .the official statement and the terms of the County's continuing disclosure <br />requirements. This resolution is a relatively new requirement of the Securities and Exchange <br />Commission that insures that the County will provide certain financial information to institutions <br />holding County bonds after the bond sale as well as throughout the term of the debt. In <br />addition, the resolution designates the Finance Director as the individual responsible for <br />insuring the disclosure requirements are met. <br />