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HomeMy WebLinkAboutRES-2010-020 Amendment to Bond Resolution previously amended on 2-2-2010 and adopted 12-15-2009 Issuance General Obligation Bonds Refinance County Bonds Issued 2001 & 2003RES-~o~o-~a0 2 Amendment to Bond Resolution ~ WHEREAS - By a resolution adopted on December 15, 2009, the Orange County Board of Commissioners approved the issuance of general obligation bonds to refinance County bonds issued in 2001 and 2003.. The Board previously amended the December 15 resolution to allow for the refunding of County bonds issued in 2004. The December 15 resolution provided for the refunding bonds to mature not later than December 31, 2021. The County's financial adviser has advised the County that the best overall arrangement for carrying out the refunding calls for bonds to mature beyond that limitation. 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, and previously amended on February 2, 2010 (the "Prior Resolution"), is hereby amended to provide that the final maturity date for the refunding bonds shall not extend beyond December 31, 2022. 2. All previous actions of County officers and representatives toward the sale and issuance of the refunding bonds are ratified and approved. 3. Except as expressly amended by this resolution, the Prior Resolution is ratified and confirmed. This amendingxesolution takes effect immediately. RES-900-000 2 7,4 F 3- >r io Amendment to Bond Resolution WHEREAS By a resolution adopted on December 15, 2009, the Orange County Board of Commissioners approved the issuance of general obligation bonds to refinance County bonds issued in 2001 and 2003. The Board previously amended the December 15 resolution to allow for the refunding of County bonds issued in 2004. The December 15 resolution provided for the refunding bonds to mature not later than December 31, 2021. The County's financial adviser has advised the County that the best overall arrangement for carrying out the refunding calls for bonds to mature beyond that limitation. 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, and previously amended on February 2, 2010 (the "Prior Resolution"), is hereby amended to provide that the final maturity date for the refunding bonds shall not extend beyond December 31, 2022. 2. All previous actions of County officers and representatives toward the sale and issuance of the refunding bonds are ratified and approved. 3. Except as expressly amended by this resolution, the Prior Resolution is ratified and confirmed. This amending resolution takes effect immediately.