Agenda - 10-07-2008 - 4f - Laserfiche WebLink

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2 Orange County - Resolution ratifying request to extend time to issue bonds, providing for required public hearings on the extension, and taking related action WHEREAS - The voters of Orange County, at a referendum held November 7, 2001, authorized the issuance of up to (a) $20,000,000 general obligation bonds for parks, recreation and open space purposes, and (b) up to $4,000,000 general obligation bonds for low and moderate income housing. From these bonds, there remains authorized and unissued $5,500,000 of the parks bonds and $1,400,000 of the housing bonds. By law, the time to issue these bonds will expire on November 7, .2008, unless the North Carolina Local Government Commission (the "LGC") acts to extend the time during which the bonds may be issued, and unless the County Board subsequently approves the extension. The County's Board of Commissioners has previously determined to request that the LGC extend the time to issue the bonds, and the County's Financial Services Director has begun the process of seeking LGC approval. The LGC is expected to approve the extension October 7, 2008. Subsequent approval by this Board must come after a public hearing. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The Board confirms its previous determination to request that the LGC extend the time for the issuance of the bonds from seven to ten years from November 7, 2001. 2. The County Manager and the Finance Officer are authorized and directed. to take all action they may deem appropriate to obtain the LGC's approval of the extension. All previous actions of County representatives toward this end are ratified, approved and confirmed. 3. The Board will hold a public hearing on the question of the extension. There will be a separate hearing for each of the two bond orders