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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 21, 2008 <br />Action Agenda <br />Item No. 5-Q <br />SUBJECT: Public Hearing on the Local Government Commission Action Approving an <br />Extension of Time for the 2001 Authorization to Issue Parks, Recreation and <br />Open Space Bonds <br />DEPARTMENT: Finance <br />PUBLIC HEARING: (Y/N) Y~] <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />Gary Humphreys, 919-245-2453 <br />Robert Jessup, 919-755-1800 <br />PURPOSE: To conduct a Public Hearing on the Local Government Commission action <br />approving an extension of time for the 2001 Authorization to issue Parks, Recreation and Open <br />Space Bonds as required by North Carolina Statute 159-64. <br />BACKGROUND: On August 19, 2008, the Board approved seeking an extension of time for the <br />2001 Authorization to issue Parks, Recreation and Open Space Bonds which expires November <br />6, 2008. The Local Government Commission approved the request at its October 7, 2008 <br />meeting, and the Board of County Commissioners approved setting this Public Hearing at its <br />October 7, 2008 meeting. The plan is to preserve the County's flexibility to issue general <br />obligation financing should that prove to be more beneficial and cost effective than direct bank <br />financing. There are $5.5 million Parks, Recreation and Open Space Bonds that remain <br />authorized but unissued. The Local Government Commission Action extends the authorization <br />to November 6, 2011. These Bonds are necessary to complete projects that were committed to <br />in the 2001 Bond Referendum. <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 conduct the Public <br />Hearing. <br />