Orange County NC Website
Browse       Search
3 <br />RESOLUTION PROVIDING FOR A BOND SALE <br />WHEREAS: <br />The voters of Orange County, North Cazolina (the "County"), on November 4, <br />1997, approved the issuance of (a) $47,000,000 of the County's general obligation bonds <br />to pay capital costs of providing school facilities (the "School Bonds"), and (b) <br />$6,000,000 of general obligation bands to pay capital costs of providing parks and <br />recreation facilities (the "Pazks Bonds"). <br />In addition, on February 1, 2000, the County's Board of Commissioners (the <br />"Board") authorized the issuance of $2,846,000 County general obligation public <br />buildings bonds. These bonds do not require referendum approval. <br />The Boazd has now determined to issue a portion of such bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. The County shall issue and sell (a) $34,500,000 of the unissued School <br />Bonds and (b) $2,830,000 of the unissued Parks Bonds for their respective authorized <br />purposes. Such School Bonds and Parks Bonds shall be combined for sale as a single <br />issue (referred to in this resolution as the "Referendum Bonds") (the Referendum Bonds <br />and the Two-Thirds Bonds will be referred to collectively in this resolution as the <br />"Bonds"). <br />2. The County shall also issue and sell $2,845,000 of the Two-Thirds Bands <br />for their authorized purpose. The Two-Thirds Bonds shall be sold as a sepazate issue but <br />simultaneously with the Referendum Bands. <br />3. The Two-Thirds Bonds shall be designated "Public Improvement Bands, <br />Series 2000A," and the Referendum Bonds shall be designated "Public Improvement <br />Bonds, Series 2000B." All the Bonds shall be dated April 1, 2000, shall be in fully <br />registered form in denominations of $5,000 and integral multiples thereof, and shall be <br />numbered from R-1 upwazd separately within each series. <br />4. The principal of the Referendum Bonds shall be payable in installments on <br />April 1 in years and amounts as follows: $1,100,000 in years 2001-2006; $1,200,p00 in <br />years 2007-2013; $3,800,000 in years 2014-2017; $4,400,000 in 2018; and $930,000 in <br />2019. <br />5. The principal of the Two-Thirds Bonds shall be payable in installments on <br />April 1 in years and amounts as follows: $100,000 in years 2001-2014; $400,000 in years <br />2015-2017; and $245,000 in 2018. <br />6. Each Bond shall beaz interest at such rate as shall be determined at the time <br />of its sale. Interest on each Bond shall be payable semiannually on each April 1 and <br />