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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 7, 2008 <br />Action Agenda <br />Item No. ~-~ <br />SUBJECT: Resolution Authorizin Public Hearings on Extension of Bond Authorizations <br />DEPARTMENT: Finance Department PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />INFORMATION CONTACT: <br />Gary Humphreys, 919-245-2453 <br />Robert Jessup, 919-755-1800 <br />PURPOSE: To approve a resolution to schedule public hearings as required by North Carolina <br />Statute 159-64 for the extension of two Orange County 2001 bond authorizations. <br />BACKGROUND: At the August 19, 2008 meeting, the Board of County Commissioners <br />directed staff to seek an extension of the maximum time of the 2001 Bond Authorizations for <br />the issuance of general obligation bonds. There remains unissued $1.4 million of Affordable <br />Housing Bonds and $5.5 million of Parks and Open Space Bonds. These two authorizations <br />are set to expire on November 6, 2008. The plan is to preserve the flexibility of the County to <br />issue general obligation financing should it prove to be more beneficial and cost effective than <br />direct bank financing. <br />A request for the extension of the authorizations for the 2001 bonds has been submitted to the <br />Local Government Commission (LGC). The LGC will take action on this request the morning of <br />October 7, 2008. The County must then hold a public hearing on each of the actions of the <br />LGC. Once these public hearings are completed, the BOCC may then adopt an extension <br />order approving the actions of the LGC which will become effective in 30 days. <br />The public hearings for each of the bond authorizations is proposed for October 21, 2008. The <br />attached resolution requires a published notice in a newspaper having general circulation in the <br />County not less than six (6) days prior to the public hearing. <br />FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br />a financial impact in proceeding with the actual issuance of the bonds. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the resolution <br />authorizing the scheduling and advertising of public hearings at the Board's October 21, 2008 <br />regular meeting for the extensions of the two 2001 bond authorizations. <br />