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HomeMy WebLinkAboutRES-2011-087 Resolution Regarding Bond Order Authorizing General Obligation Refunding Bonds in the Maximum Amount of $47,000,000 to Refund Public Improvements Bonds Issued in 2004 and 2005~~ ~- ~ -~2o Li ~~ Resolution Re~ardin~ 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, that 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. L~ J Donna S. Baker Clerk, Board of Commissioners Orange County, North Carolina Orange County Refunding Bonds -- Notice of Adoption of Bond Order The Board of Commissioners of Orange County lias~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. ~ ~ ~ * * ~ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE 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. ~ * * * ~ The foregoing. order was adopted by the Board 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 3D 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 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.