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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 21, 2008 <br />Action Agencdab <br />Item No. <br />SUBJECT: Public Hearing on the Local Government Commission Action Approving an <br />Extension of Time for the 2001 Authorization to Issue Low and Moderate <br />Income Housing Bonds <br />DEPARTMENT: Finance PUBLIC HEARING: (Y!N) 0 <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 Low and Moderate Income <br />Housing 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 Low and Moderate Income Housing Bonds (Affordable Housing <br />Bonds) which expires November 6, 2008. The Local Government Commission approved the <br />request at its October 7, 2008 meeting, and the Board of County Commissioners approved <br />setting this Public Hearing at its October 7, 2008 meeting. The plan is to preserve the County's <br />flexibility to issue general obligation financing should that prove to be more beneficial and cost <br />effective than direct bank financing. There are $1.4 million in Affordable Housing bonds that <br />remain authorized but unissued. The Local Government Commission Action extends the <br />authorization to November 6, 2011. The Affordable Housing Bonds are needed to fund projects <br />which have already been committed to by the Board of County Commissioners. <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 />