Agenda - 11-16-1999 - 5a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. ~ - Q ACTION AGENDA ITEM ABSTRACT Meeting Date: November 16, 1999 SUBJECT: Sale of 1997 Bonds and Two Thirds Net Debt Reduction Bond Issuance DEPARTMENT: Finance/Manager PUBLIC HEARING: (Y/N) ATTACHMENT(S): Resolution Projects for Bond Sale Tentative Bond Sale Schedule INFORMATION CONTACT: Ken Chavious -extension 2453 Rod Visser, extension 2308 Pam Jones, extension 2652 Donna Dean, extension 2151 TELEPHONE NUMBERS: - - Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 PURPOSE: To consider the initial sale of bonds approved by the voters in 1997 and adopt a resolution authorizing staff to pursue the issuance of two-thirds net debt reduction bonds. BACKGROUND: 1997 Voter Approved Bond Sale In 1997, Orange County. voters approved a $56 million bond referendum for School and County capital projects. School projects represent $47 million of the. approved bonds. County projects, including affordable housing, parks and Efland sewer system expansion, total. $9 million. During the past several months, County staff has worked with each school system to determine the amount of the initial bond sale required to provide cash for school projects. The total projected cash flow requirements for bond funded school projects is $34.5 million in the upcoming year. It is imperative. that the funds be in hand by Spring 2000 in order to accommodate both school systems construction schedules, for the opening of the new schools as well as the renovation of existing schools.. The cash. requirements of specific projects are listed on the attached Projects for Bond Sale spreadsheet (page 6 of this abstract). Bond amounts for each project are consistent with the County's adopted CIP and the plans presented to voters for the November 1997 referenda. The remaining $12.5 million in school bond. funds will be issued in one or more subsequent bond sales, depending on future cash flow requirements.