HomeMy WebLinkAboutRES-2004-035 First Step in Authorization of Two-Thirds Net Debt Reduction Bonds~~s-aoo~- o 3~
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Resolution Stating Intent To Issue Orange County .
General Obligation Bonds for Public Buildings
WHEREAS:
The Board of Commissioners of Orange County, North
Carolina, has considered the need for capital improvements for public
buildings in the County. The Board has determined it may be
desirable for the County to issue general obligations bonds for this
purpose in the upcoming County fiscal year, under the provision of
law that allows the issuance of such bonds to the extent of two-thirds
of the County's net debt reduction for the previous fiscal year.
BE IT THEREFORE RESOLVED by the Board of
Commissioners of Orange County, Norfh Carolina, as follows:
1. The Board makes an initial determination to proceed with
the issuance of County general obligation bonds in the maximum
amount of $4,200,000 to pay capital costs related to public buildings.
The Board will .make final determinations at a later time as to the.
actual amount of bonds to be issued and the projects to be funded
with the proceeds of such bonds.
2. The County requests that the North Carolina Local
Government Commission approve the County's application for the
issuance of such bonds. The Board makes the following findings of
fact in support of its application for approval and its determination to
proceed with this bond issue:
a) Financing construction, expansion and renovation of
public buildings through the issuance of bonds is necessary
and expedient for .the County, and the amount of bonds
proposed is adequate and not excessive for the proposed
purpose. Through its capital investment program process, the
County has identified a range of such needs for County
buildings far in excess of the $4.2 million proposed. The $4.2
million amount is the maximum that the County may issue as
"net debt reduction" bonds.
b) The County's debt management and budgetary and
fiscal management policies have been carried out consistently
in accordance with the law.
c) The County believes that any increase in the
County's property tax rate will be minimal and necessary to
provide for principal and interest payments on the bonds. The
The Board recognizes that other bond issues previously
approved by the County's voters and other contemplated
County financings may also require tax increases for
repayment.
3. The Finance Officer is authorized and directed to proceed
with the proper steps toward the issuance of such bonds, including
proceeding with an application to the LGC for its approval of such
bonds. The Board appoints the Finance Officer as the County's
authorized representative with respect to the LGC application
process.
4. 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.
This the 18th day of May 2004.
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Donna S. Baker
Clerk to the Board