HomeMy WebLinkAboutRES-2005-057 Adoption of Bond Sale Resolutions~~ g-~
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WHEREAS:
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RESOLUTION FOR A BOND SALE ~o
The voters of Orange County, North Carolina (the "County"), on November 6,
2001, approved the issuance of County general obligation bonds for various purposes,
including schools and senior centers (the "Referendum Bonds").
In addition, on June 23, 2005, the County's Board of Commissioners (the
"Board") authorized the issuance of up to $35,000,000 of County general obligation
refunding bonds (the "Refunding Bonds"). The Refunding Bonds do not require
referendum approval. The Referendum Bonds and the Refunding Bonds will be referred
to collectively in this resolution as the "Bonds".
The Board has determined that the County should now issue the Refunding
Bonds and a portion of the Referendum Bonds.
BE IT THEREFORE RESOLVED by the Board of Commissioners of
Orange County, North Carolina, as follows:
1. Determination To Sell Referendum Bonds -The County will issue and
sell Referendum Bonds for their authorized purposes, as follows:
As much as all of the $3,500,000 authorized and unissued bonds for senior
centers; and
As much as all of the $25,685,000 authorized and unissued school bonds.
These bonds will be sold as a single issue of bonds to be designated "General
Obligation Public Improvement Bonds, Series 2005."
2. Determination To Sell Refunding Bonds -- The County will also issue
and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds will
be designated "General Obligation Refunding Bonds, Series 2005." The Refunding
Bonds maybe sold as a separate issue but simultaneously with the Referendum Bonds
or may be combined for sale as a single issue with the Referendum Bonds, as the
County's Finance Officer may determine in consultation with the North Carolina Local
Government Commission (the "LGC").
If all the Bonds are combined for sale as a single issue, they shall carry such
series designation as the Finance Officer may determine.
3. Payment Provisions -- The principal of the Bonds will be payable on
such dates and in such years and amounts as .the Finance Officer determines after
consultation with the LGC, except that the final maturity for the Bonds must not
extend beyond December 31, 2030.
Each Bond will bear interest at such rate as is determined at the time of its
sale. Interest on each Bond will be payable semiannually (a) from September 1,
2005, if it is authenticated prior to the first interest payment date, or (b) otherwise
from the interest payment date, that is, or immediately precedes, the date on which
it is authenticated (unless payment of interest thereon is in default, in which case
such Bonds will bear interest from the date to which interest has been paid).
Principal, premium, if any, and interest will be payable in lawful money of the
United States of America. -