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<br />SUBJECT: Introduction of Bond Order for the Issuance of Two-Thirds Net Debt Reduction <br />Bonds <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:. December 7, .1999 <br />Action Agenda <br />Item No. S_q <br />DEPARTMENT: Finance <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Ken Chavious/Bob Jessup, ext 2453 <br />Bond Order <br />Public Hearing Resolution <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider introducing the Bond Order required for authorizing the issuance of <br />two-thirds net debt reduction general obligation bonds and adopting a resolution setting the <br />public hearing date and authorizing the Finance Director to file a Sworn Statement of Debt. <br />BACKGROUND: At the November 16, 1999 meeting, the .Board adopted a resolution <br />authorizing staff to pursue the issuance of two-thirds net debt reduction general obligation <br />bonds. totaling $2,846,000.. These bonds will be used to finance major renovations to the <br />Whiffed Human Services Center and Northern Human Services Center. The projects to be <br />financed have been outlined in the County's Capital Investment Plan. Bond Counsel prepared. a <br />tentative schedule of events or actions required to take place in order to meet a final sale date <br />of April 4, 2000. In accordance .with the schedule, the Finance Director has submitted an <br />application to the Local Government Commission for the issuance. of the Bonds. The next step <br />in the process is the introduction of the Bond Order.. <br />The Bond Order is introduced by the Chair, Clerk or someone else reading the title of the Order <br />into the record. In addition, a statement for the record should be made indicating that the Bond. <br />Order will be set for final consideration at a later. meeting.. The Board need not take a vote for <br />the introduction. Once the Bond Order has been introduced, the Board needs to seta date fora <br />public hearing and authorize the Finance Director. to file a Sworn Statement of Debt. The public <br />hearing date. proposed on the schedule prepared by Bond Counsel is January 18, 2000 and the <br />Finance Director is prepared to file. the Sworn Statement of Debt.: The required documents <br />have been prepared by Bond Counsel and are attached. <br />