Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 7, 2020 <br /> Action Agenda <br /> Item No. 8-g <br /> SUBJECT: General Obligation Bond Sale of $20,060,000 for Cedar Ridge High School <br /> Wing and Various Other Orange County School Improvements <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. General Obligation Bond Sale Gary Donaldson, 919-245-2453 <br /> Resolution Paul Laughton, 919-245-2152 <br /> 2. PowerPoint Presentation Bob Jessup, 919-933-9891 <br /> PURPOSE: To adopt the attached General Obligation (GO) bond resolution for the following <br /> purposes: <br /> 1) Formally authorize the sale of$20,060,000 in school bonds; <br /> 2) Formally pledge the County's taxing power to provide for payment on the bonds; <br /> 3) Approve the proposed form of the bonds; <br /> 4) Approve the form of the draft official statement for use in offering bonds to investors; <br /> 5) State the County's agreement to comply with the relevant provisions of federal tax law and <br /> the federal rules for continuing disclosure to the securities markets; and <br /> 6) Authorize County staff to complete the process of issuing the bonds and authorizing the <br /> final principal payment schedule. <br /> BACKGROUND: On November 8, 2016, Orange County voters approved $120 million in School <br /> Bonds, of which the Orange County Schools GO Bond allocation is $47.9 million based on the <br /> Average Daily Membership at the time of the referendum. <br /> The current GO Bond Financing Plan includes the issuance of $20,060,000 in School General <br /> Obligation Bonds for Orange County Schools. Bond proceeds will fund: <br /> • a wing addition to Cedar Ridge High School ($14,500,000) <br /> • safety and security initiatives at schools district-wide ($1,500,000) <br /> • roofing/building waterproofing replacements at A. L. Stanback Middle School and Grady A. <br /> Brown Elementary ($1,312,993) <br /> • classroom and building improvements at Cameron Park Elementary ($1,000,000) <br /> • mechanical systems/HVAC replacements at Cameron Park Elementary and Grady A. <br /> Brown Elementary ($1,751,007). <br /> The bond sale is scheduled for May 12, 2020 and will be administered by the Local Government <br /> Commission. Following this issuance there will remain $14.4 million in authorized and unissued <br /> School GO bonds and $2.5 million in authorized and unissued Affordable Housing GO bonds. <br />