HomeMy WebLinkAboutRES-2009-071a Providing Preliminary Approval for Issuance of General Obligation Refunding Bonds~~s-~U~9-~~~~
RESOLUTION PROVIDING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS
WHEREAS:
Orange County has previously issued general obligation public improvement bonds in
2001 and 2003. County staff has advised the Board of Commissioners that refinancing all or
a portion of these bonds may provide savings to the County.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. Approval for Refunding Bonds -- The County Manager and the Finance
Officer are authorized and directed to take all proper steps to determine the feasibility of
refunding the 2001 and 2003 public improvement bonds to provide debt service savings to
the County, and to proceed with all proper steps to carry out the refunding. The Finance
Officer is authorized to file the required application with the North Carolina Local
Government Commission. The precise financial details of the issuance of refunding bonds
will be subject to the Board's further approval by subsequent proceedings. The estimated
maximum amount of refunding bonds to be issued is $27,000,000.
2. Approval of Advisors -- The County appoints Sanford Holshouser LLP as the
County's bond counsel and BB&T Capital Markets as its financial advisor with respect to the
proposed refunding bonds. BB&T Capital Markets will provide financial analysis and other
services required in connection with the issuance of refunding bonds, including analysis as
required by the LGC of the savings to be obtained through the refunding.
3. Miscellaneous Provisions -- All County officers and employees are authorized
and directed to take all such further action as they may consider necessary or desirable in
connection with the furtherance of the purposes of this resolution. All such prior actions of
County officers and employees are ratified, approved and confirmed. All other resolutions,
or parts thereof, in conflict with this resolution are repealed, to the extent of the conflict.
This resolution takes effect immediately.
I certify that the foregoing resolution was duly adopted at a meeting of the Board of
Commissioners of Orange County, North Carolina, duly called and held on October 6, 2009,
and that a quorum was present and acting throughout such meeting. Such resolution remains
in full effect as of today.
Dated this ty day of October, 2009.
[SEAL]
Donna S. Baker
Clerk, Board of Commissioners
Orange County, North Carolina