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Home My WebLink AboutRES-2010-008 Amendment to Bond Resolution adopted on 12-15-2009 approving Issuance General Obligation Bonds Refinance County Bonds Issued 2001 & 2003~/~{- ~ ao IO - o z - o z, ~-~~-a~~~-o08 ~d5 Amendment to Bond Resolution WHEREAS -- By a resolution adopted on December 15, 2009, the Orange County Board of Commissioners approved the issuance of County general obligation refiinding bonds in the maximum amount of $27,000,000 to refinance County bonds issued in 2001 and 2003. In this resolution, the Board approved the sale of the refunding bonds not later than. March 1, 2010. Changing market conditions have now made it possible for the County also to refinance a portion of its General Obligation Public Improvement Bonds, Series 2004 (the "2004 Bonds"). The Board desires to provide for contemplated refunding bond sale to include bonds to refund the 2004 bond issue. In addition, the Board desires to grant staff the flexibility to provide for the bond sale at any time up to April 15, 2010. Therefore, be it resolved by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The County's "Resolution for the Sale of Refunding Bonds" as adopted on December 15, 2009 (the "Prior Resolution"), is hereby amended to include the 2004 Bonds among the County bonds eligible for refinancing through the issuance of the refunding bonds provided for in the Prior Resolution. The total amount of refunding bonds that may be sold shall be unchanged at $27,000,000. The final maturity date for the refunding bonds shall not extend beyond December 31, 2021. 2. The eligible dates for sales of refunding bonds provided for in the Prior Resolution are extended from March 1, 2010, to April 15, 2010. 3. Except as expressly amended by this resolution, the -Prior Resolution is ratified and confirmed. This amending resolution takes effect immediately. ~a- SWORN STATEMENT OF DEBT For Orange County, North Carolina I, Clarence Grier, being first duly sworn, do hereby state that I am the Finance Officer for Orange County, North Carolina, and that the following is a statement of debt for Orange County, North Carolina, as shown by the books in my office, prepared in accordance with, and made pursuant to the requirements of, Section 159-55 of the North Carolina General Statutes. A. Gross Debt 1. Outstanding debt evidenced by bonds: Purpose Schools Public Faciities Parks and Open Space Amount ($) $93,605,223 $20,146,053 $ 7,663,724 Total 2. $121,415,000 Bonds authorized by orders introduced but not yet adopted: purpose Amount ($) Refunding $27,000,000 Total $27,000,000 3. Unissued bonds authorized by adopted orders: Date Introduced Puryose Amount ($) 11/6/2001 Parks $ 5,500,000 11/6/2001 Affordable Housing 1,400,000 Total $ 6,900,000 4. Outstanding debt not evidenced by bonds: Pur ose Amount ($) Schools $45,086,560 Public Facilities $52,358,679. Parks and Open Space $10,546,027 Equipment $ 3,263,048 Sportsplex $ 6,469.268 Total $117.723.582 Total Gross Debt (sum of 1 through 4) 273.038.582 B. Deductions from Gross Debt 1. Funding and refunding bonds authorized by orders introduced but not $27,000,000 yet adopted. 2. Funding and refunding bonds authorized but not yet issued. $6,900,000 3. Amounts held in sinking funds or otherwise for the payment of any part of $ the principal of gross debt, other than debt incurred for water, gas, electric light or power purposes or sanitary sewer purposes (to the. extent deductible under Section 159-55(b) of the General Statutes), or two or more of these purposes. 4. Bonded debt included in gross $ debt and incurred, or to be incurred, for water, gas or electric light or power purposes, or any two or more of such purposes. 5. Bonded -debt included in gross $ 0 debt and incurred, or to be incurred, for sanitary sewer purposes (to the extent deductible under Section 159-55(b) of the General Statutes). 6. Uncollected special assessments $ 0 levied for local improvements for which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be applied, when collected, to the payment of any part of the gross debt. 7. Estimate of special assessments to be levied for local improvements for $ which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be applied, when collected, to the payment of any part of the gross debt. Total deductions (Sum of 1 through 7) $ 33,900,000 C. Net Debt, being the difference between Total Gross Debt (A) and Total Deductions (B). $ 239,138,582 D. Appraised Value of property subject to taxation, being the value from which the assessed value last fixed for taxation was computed, as revealed $14,726,938,501 by the County tax records and certified by the County Tax Assessor. E. Percentage that Net Debt bears to the appraised value of property 1.62 subject to taxation. WITNESS my signature this 3_ day of _February , 2010. STATE OFNORTH CAROLINA ORANGE COUNTY of a~..~~. ,~ ~~ Clarence Grier Finance Officer Orange County, North Carolina Subscribed and sworn before me this _3 day of February , 2010. Notary Public ~ [seal] My commission expires ~ -~ ~p - ~ d l d . The undersigned Orange County Tax Assessor certifies that the assessed value last fixed for taxation for Orange County, North Carolina, as revealed by County tax records (before the application of any assessment ratio), is $ ~, Jam, q~~~0! WITNESS my signature this ~ day of ,,~~-~,~ u.g,~-y, 2010. a c.~ Printed name: i ~ ~ O7~ Tax Assessor Orange County, North Carolina The undersigned Clerk of the Board of Commissioners of Orange County, North Carolina, certifies that the foregoing is a true copy of a statement which was filed with me on February 3_, 2010, and that said statement is open to public inspection in my office. Do er Clerk, Board of Commissioners Orange County, North Carolina Bond Order for Refunding Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $7,000,000 TO REFUND A PORTION OF THE 2004 PUBLIC IMPROVEMENT BONDS WHEREAS- Orange County, North Carolina (the "County"), has previously issued its General Obligation Public Improvement Bonds, Series 2004A and Series 2004B, in the original aggregate principal amount of $25,140,000. Based on the current state of the municipal bond market, the County has determined that refinancing a portion of the outstanding balance of the 2004 could provide savings to the County. The County has applied to the North Carolina Local Government Commission for its approval of the issuance of County refunding bonds to carry out the refinancing of the 2004 Bonds. The LGC has accepted the County's application. BE IT ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1.' There are hereby ordered to be issued general obligation refunding bonds of the County to provide for the refinancing of all or a portion of the outstanding balance of the 2004 Bonds, including paying related financing costs and other necessary or incidental costs. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $7,000,000. 3. Taxes will be levied in an amount sufficient to pay the principal of and interest on the bonds so issued. 4. A sworn statement of debt prepared by the County's Finance Officer has been filed with the Clerk to this Board and is available for public inspection. 5. This Bond Order takes effect immediately. Resolution Regardint Publication of Bond Order WHEREAS, there has been adopted at this meeting a bond order entitled as follows: BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $7,000,000 TO REFUND A PORTION OF THE 2004 PUBLIC IMPROVEMENT BONDS AND WHEREAS, the General Statutes require the publication of a notice to complete the process of authorizing the bonds; BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, that the Clerk to this Board is authorized and directed to publish a notice of the adoption of such Bond Order, in the form provided for in Section 159-58 of the General Statutes, one time in a newspaper having general circulation in the County. Amendment to Bond Resolution WHEREAS -- By aresolution adopted on December 15, 2009, the Orange County Board of Commissioners approved the issuance of County general obligation refunding bonds in the maximum amount of $27,000,000 to refinance County bonds issued in 2001 and 2003. In this resolution, the Board approved the sale of the refunding bonds not later than March 1, 2010. Changing market conditions have now made it possible for the County also to refinance a portion of its General Obligation Public Improvement Bonds, Series 2004 (the "2004 .Bonds"). The Board desires to provide for contemplated refunding bond sale to include bonds to refund the 2004 bond issue. In addition, the Board desires to grant staff the flexibility to provide for the bond sale at any time up to April 15, 2010. Therefore, be it resolved by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The County's "Resolution for the Sale of Refunding Bonds" as adopted on December 15, 2009 (the "Prior Resolution"), is hereby amended to include the 2004 Bonds among the County bonds eligible for refinancing through the issuance of the refiznding bonds provided for in the Prior Resolution. The total amount of refunding bonds that maybe sold shall be unchanged at $27,000,000. The final maturity date for the refunding bonds shall not extend beyond December 31, 2021. 2. The eligible dates for sales of refunding bonds provided for in the Prior Resolution are extended from March 1, 2010, to April 15, 2010. 3. Except as expressly amended by this resolution, the Prior Resolution is ratified and confirmed. This amending resolution takes effect immediately. [Form of notice for publication] Orange County Refunding Bonds -- Notice of Adoption of Bond Order The Board of Commissioners of Orange County, North Carolina, has adopted the following bond order, providing for the issuance of general obligation refunding bonds. Further information regarding the bonds and the bond order appears at the end of this notice. ~ ~ ~ * ~ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $7,000,000 TO REFUND A PORTION OF THE 2004 PUBLIC IMPROVEMENT BONDS WHEREAS - Orange County, North Carolina (the "County"), has previously issued its General Obligation Public Improvement Bonds, Series 2004A and Series 2004B, in the original aggregate principal amount of $25,140,000. Based on the current state of the municipal bond market, the County has determined that refinancing a portion of the outstanding balance of the 2004 could provide savings to the County. The County has applied to the North Carolina Local Government Commission for its approval of the issuance of County refunding bonds to carry out the refinancing of the 2004 Bonds. The LGC has accepted the County's application. BE IT ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. There aze hereby ordered to be issued general obligation refunding bonds of the County to provide for the refinancing of all or a portion of the outstanding balance of the 2004 Bonds, including paying related .financing costs and other necessary or incidental costs. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $7,000,000. 3. Taxes will be levied in an amount sufficient to pay the principal of and interest on the bonds so issued. 4. A sworn statement of debt prepared by the County's Finance Officer has been filed with the Clerk to this Board and is available for public inspection. 6. This Bond Order takes effect immediately. * ~ ~ ~ ~ ~ The foregoing order was adopted by the Orange County Board of Commissioners on February 2, 2010, and is hereby published this _7_ day of February, 2010. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. By order of the Board of Commissioners. Donna S. Baker Clerk, Board of Commissioners Orange County, North Carolina