HomeMy WebLinkAboutRES-2004-053 Resolution regarding publication of Bond OrdersKenneth T. Chavious ~' ~-~ `3 ~- v
June 11, 2004 ~~-
Page 8
Resolution regarding publication of Bond Orders
WHEREAS, there have been adopted at this meeting bond orders entitled as
follows:
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION PUBLIC BUILDING BONDS IN THE MAXIMUM
AMOUNT OF $3,900,000; and
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION BONDS FOR LAND ACQUISITION IN THE
MAXIMUM AMOUNT OF $300,000
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 each 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.
Orange 04 23 2d meeting docs
Kenneth T. Chavious
June 11, 2004
Page 9
Orange County Public Building Bonds-- Notice of Adoption of Bond Order
The Orange County Board of Commissioners has adopted the following
bond order, providing for the issuance of public building 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 PUBLIC BUILDING BONDS IN THE MAXIMUM
AMOUNT OF $4,200,000
WHEREAS --
By resolution adopted on May 18, 2004, the Board of Commissioners of
Orange County, North Carolina (the "County"), stated its proposal to issue general
obligation bonds to pay capital costs of providing public buildings.
By law, the County may issue such bonds without referendum approval
because the amount of the proposed bonds does not exceed two-thirds of the
amount by which the County will have reduced its outstanding indebtedness in the
2003-04 fiscal year.
The County has applied to the North Carolina Local Government
Commission (the "LGC") for its approval of such 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 public
building bonds of the County to pay capital costs of providing public buildings,
including costs of acquisition, construction, renovation and other capital costs,
Orange 04 23 2d meeting docs
`''I
Kenneth T. Chavious
June 11, 2004
Page 10
including the possible acquisition of land for public buildings, together with
related financing and other necessary or incidental costs.
2. The maximum aggregate principal amount of the bonds issued for
such purpose will be $4,200,000.
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 shall take effect 30 days after its publication
following adoption, unless it is petitioned to a vote of the people as provided in
Section 159-60 of the North Carolina General Statutes, and in that event the order
will take effect when approved by the voters.
* ~ * ~ * ~
The foregoing order was adopted by the Orange County Board of
Commissioners on June 23, 2004, and is hereby published this day of
2004. 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
Orange 04 23 2d meeting docs