Agenda - 10-21-2008 - 6a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 21, 2008 Action Agenda Item No. fo -q SUBJECT: Approval of an Order Entitled Extending Time for Issuing Parks and Affordable Housing Bonds Approved in 2001 DEPARTMENT: Finance PUBLIC HEARING: (Y/N) NO ATTACHMENT(S): Order INFORMATION CONTACT: Gary Humphreys, 919-245-2453 Robert Jessup, 919-755-1800 PURPOSE: To approve an Order extending the time for Issuing Parks and Housing Bonds approved in 2001. BACKGROUND: On August 19, 2008, the Board approved seeking an extension of time for the 2001 Authorization to issue Low and Moderate Income Housing Bonds (Affordable Housing Bonds) and the 2001 Authorization to issue Parks, Recreation, and Open Space Bonds, both of which expire November 6, 2008. There are $5.5 million Parks, Recreation and Open Space Bonds and $1.4 million Affordable Housing bonds that remain authorized but unissued. The Local Government Commission approved both of the requested extensions at its October 7, 2008 meeting. The Board of County Commissioners, earlier in this meeting, conducted public hearings on extending each of these authorizations as required by law and may now take action on the Order to extend. The plan is to preserve the County's flexibility to issue general obligation financing should that prove to be more beneficial and cost effective than direct bank financing or other types of financing. Adoption of the attached order prepared by Bond Counsel approving the action of the Local Government Commission will extend the authorization to November 6, 2011. The Parks and Open Space bonds and the Affordable Housing Bonds are necessary for projects which have already been committed to by the Board. FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be a financial impact in proceeding with the actual issuance of the bonds. RECOMMENDATION(S): The Manager recommends that the Board approve the Order extending the time for Issuing Parks and Housing Bonds approved in 2001 and direct the Clerk to publish a notice of the Board's action.