HomeMy WebLinkAboutRES-2003-003 Setting PH and Authorizing Filing of Debt Statement
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MARGARET W. BROWN. CHA/R ORANGE COUNTY BOARD OF COMMISSIONERS
AL/CE M. CORDON. VICE CHAIR POST' OFFICE BOX 8 { S
MOSES CAREY. JR. 1
STEPHEN H. HALKIOTIS 200 SOUTH CAMERON STREET
BARRY JACOBS
HILLSBOROUGH, NORTH CAROLINA 27278
CERTIFICATION
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I hereby certify that at the regular meeting of the Board of County Commissioners on December 2, 2002 the
Chair of the Board of County Commissioners, Margaret W. Brown, introduced the Bond Order by Title by
reading it aloud, "Bond Order Authorizing the Issuance of General Obligation Refunding Bonds in the
Maximum Amount of $ 28, 000, 000" and that the Bond Order would be back for final action at the January 21,
2003 Commissioners' meeting. Attached are the minutes of the December 2, 2002 Commissioners meeting
that reflects these actions.
County Commissioner Moses Carey made a motion to adopt the Resolution to set the public hearing for
January 21, 2003 and authorized the Finance Director, Ken Chavious, to file the sworn statement of debt of the
Bond Order Authorizing the Issuance of General Obligation Refunding Bonds in the Maximum Amount of $28,
000, 000; Commissioner Alice Gordon seconded the motion.
VOTE: UNANIMOUS
This the 27th day of January, 2003
=~ ~ ~,z ~~ Don a S. Baker, Clerk to the Board
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WWW.CO.ORANGE.NC. US
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The Board considered authorizing the refunding of bonds issued in March 1993 and
bonds previously refunded in June 1993.
Finance Director Ken Chavious said that this item was to take the necessary actions to
allow the County to refund up to $28 million in bonds that were issued in 1993. The current
estimate is that by refunding these 1993 bonds, the County could save approximately $1.4
million over the remaining term, which is about 11 years.. This would be about $125,000
annually. He has requested permission from the LGC to pursue this undertaking. The plan is to
do this in March and it could be piggybacked with the regular bond sale to save some money in
the issuance costs. In order to do the refunding on schedule, the Board has to take some actions.
The first action is to introduce the bond order for the refunding bonds. The Board does not have
to vote on the bond order introductions. The second action is for the Board to adopt a resolution
that establishes January 21st as a public hearing on the refunding bond order. The resolution also
authorizes the Finance Director to file the sworn statement of debt and authorizes the Clerk to
publicize the notice of the public hearing. All appropriate documents have been prepared.
Chair Brown read the bond order title as follows: The Bond Order Authorizing the
Issuance of General Obligation Refunding Bonds in the Maximum Amount of $28 Million.
A motion was made by Commissioner Carey, seconded by Commissioner Gordon to
adopt the resolution setting a date for a public hearing, authorizing the Finance Director to file a
Debt Statement, and authorizing the Clerk to publish a Notice of Public Hearing as stated below:
RESOLUTION SETTING PUBLIC HEARING
AND AUTHORIZING FILING OF DEBT STATEMENT
WHEREAS, there has been introduced at this meeting a bond order entitled as follows:
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS IN THE MA~GMUM AMOUNT OF $28,000,000
AND WHEREAS, Section 159-57 of the General Statutes requires that a public hearing be held
on such bond order prior to its adoption, Section 159-56 of the General Statutes requires
publication of a notice of such hearing, and Section 159-55 of the General Statutes requires the
filing of a statement of the County's. debt with the Clerk to the Board prior to the public hearing;
BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North
Carolina, that a public hearing on each such bond order will beheld at 7:30 p.m. (or as soon
thereafter as the matter maybe heard) on January 21, 2003, at the F. Gordon Battle Courtroom in
Hillsborough, North Carolina, and that the Clerk to this Board is authorized and directed to
publish a notice of such public hearing, in the form provided for in Section 159-56 of the General
Statutes, one time, not less than six days prior to such hearing date, in a newspaper having
general circulation in the County;
AND BE IT FURTHER RESOLVED that the County's Finance Officer is authorized and
directed to prepare and file, prior to the publication of the notice of public hearing, a sworn
statement of the County's net debt in the form prescribed by statute.
VOTE: UNANIMOUS