HomeMy WebLinkAboutAgenda - 10-04-2011 - 5mORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 4, 2011
Action Agenda
Item No.~(~foPos~~
SUBJECT: Adoption of Bond Order Authorizing General Obligation Refunding Bonds in the
Maximum Amount of $47,000,000 to Refund Public Improvement Bonds
Issued in 2004 and 2005 and Approve a Resolution Regarding Publication of
Road Order
DEPARTMENT: Financial Services PUBLIC- HEARING: (YIN) No
ATTACHMENT(S): INFORMATION CONTACT:
Bond Order Frank Clifton, 919-245-2300
Resolution Regarding Publication of Clarence Grier, 919-245-2453
Bond Order
PURPOSE: To adopt a bond order authorizing the issuance of General Obligation Refunding
Bonds in the maximum amount of $47,000,000 to refund Public Improvement Bonds issued in
2004 and 2005, and to approve a Resolution Regarding Publication of Bond Order.
BACKGROUND: At the September 20, 2011 meeting, the Board of County Commissioners
authorized staff to proceed with -the necessary steps to issue the maximum of $47 million in
General Obligation Refunding Bonds to refund the 2004A and 2005A General Obliga#ion Bonds
of the County.
In order to proceed with the refunding, the Board of County Commissioners must adopt a bond
order (attached) to issue the bonds.
Additionally the Board of County Commissioners must adopt a resolution (attached) authorizing
publication of a notice regarding the adoption of the bond order.
It is requested that the Board:
1) Adopt the Bond Order for the issuance of General Obligation Refunding Bonds in the
maximum amount of $47,000,000 to refund Public Improvement Bonds Issued in 2004
and 2005; and
2) Adopt the Resolution Regarding Publication of Bond Order.
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FINANCIAL IMPACT: The financial impact of proceeding with the above actions is that the
County will possibly be able to achieve savings of future debt service cost. The total amount of
future savings will be determined as the County moves closer to the potential issuance of the
debt.
RECOMMENDATION(S): The Manager recommends that the Board:
1) Adopt the Bond Order for the issuance of General Obligation Refunding Bonds in the
maximum amount of $47,000,000 to refund- Public Improvement Bonds Issued in 2004
and 2005; and
2) Adopt the Resolution- Regarding Publication of Bond Order.
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Bond Order for Refunding Bonds
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $47,000,000 TO REFUND
PUBLIC IMPROVEMENT BONDS ISSUED IN 2004 AND 2005
WHEREAS -
Orange County, North Carolina (the "County"), has previously issued its General
Obligation Public Improvement Bonds with series designations 2004A, 2004B and 2005A
(together, the "Prior Bonds"), in the original aggregate principal amount of $54,325,000. The
County has determined that refinancing all or a portion of the outstanding balance of the Prior
Bonds could provide savings to the County.
The County has applied to the North Carolina Local Government Commission for its
approval of the issuance of County refunding bonds to carry out the refinancing of the Prior
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 refunding bonds of the
County to provide for the refinancing of all or a portion of the outstanding balance of the Prior
Bonds, including paying related financing costs and other necessary or incidental costs.
2. The maximum aggregate principal amount of the bonds issued for such purpose will
be $47,000,000.
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 the Board of Commissioners and is available for public inspection.
5. This Bond Order takes effect immediately.
R E s- as i ~ -0~7 4
Resolution Regarding Publication of Bond Order
WHEREAS, there has been adopted at this meeting a bond order entitled as follows:
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $47,000,000 TO REFUND
PUBLIC IMPROVEMENT BONDS ISSUED IN 2004 AND-2005
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, rthat the Clerk to this Board is authorized and directed to publish a notice of the
adoption of 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.
I certify that the foregoing resolution was properly adopted at a meeting of the Board of
Commissioners of Orange County, North Carolina, that was properly called and held on October
4, 2011, and that a quorum was present and acting throughout such meeting. Such resolution
remains in full effect as of today.
Dated this day of October, 2011.
[SEAL]
Donna S. Baker
Clerk, Board of Commissioners
Orange County, North Carolina
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Orange County Refunding Bonds -- Notice of Adoption of Bond Order
The Board of Commissioners of Orange County has adopted the following bond order,
providing for the issuance of general obligation refunding bonds. Further information regarding
the bonds and the bond order appears at the end of this notice.
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BOND ORDER AUTHORIZING THE :ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $47,000,000 TO REFUND
PUBLIC IMPROVEMENT BONDS ISSUED IN 2004 AND 2005
WHEREAS -
Orange County, North Carolina (the "County"), has previously issued its .General
Obligation Public Improvement Bonds with series designations 2004A, 2004B and 2005A
(together, the "Prior Bonds"), in the original aggregate principal amount of $54,325,000. The
County has determined that refinancing all or a portion of the outstanding balance of the Prior
Bonds could provide savings to the County.
The County has applied to the North Carolina Local Government Commission for its
approval of the issuance of County refunding bonds to carry out the refinancing of the Prior
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 refunding bonds of the
County to provide for the ref nancing of all or a portion of the outstanding balance of the Prior
Bonds, including paying related financing costs and other necessary or incidental costs.
2. The maximum aggregate principal amount of the bonds issued for such purpose will
be $47,000,000.
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 the Board of Commissioners and is available for public inspection.
5. This Bond Order takes effect immediately.
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The foregoing order was adopted by the Boarcfi of Commissioners of Orange County on
October 4, 2011, and is hereby published this day of October, 2011. 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 or-der of the Board of Commissioners.
Donna S. Baker
Clerk, Board of Commissioners
Orange County, North Carolina