Loading...
HomeMy WebLinkAboutNS RES-2001-075 Resolution Stating Intent To Proceed with a Referendum for Orange County General Obligations Bond DRAFT Resolution Stating Intent To Proceed with a Referendum For Orange County General Obligation Bonds WHEREAS: In February, 2001, the Board of Commissioners of Orange County, North Carolina, appointed a capital needs advisory task force to review potential capital projects for County funding and to provide to the Board a recommendation for the elements and size of a proposed County bond referendum for November, 2001. The task force has provided a recommendation to the Board, and the Board has carried out its own deliberations and evaluations of candidates for bond financing. As a result of these deliberations and evaluations, the Board has made the determination to proceed toward a bond referendum as described in this resolution. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The Board makes an initial determination to proceed with a referendum for County general obligation bonds in the maximum amounts and for the purposes set forth below: Purpose Amount ($) Public school facilities xx,xxx,xx Parks and open space xx,xxx,xx Affordable housing x,xxx,xx Senior centers x,xxx,xx 2. The Board hereby makes the following findings of fact in support of its determination -- a) The proposed capital projects are necessary and expedient for the County. The Board makes reference to the task force report for an explanation of projects considered by the Board in the process of determining the amounts and purposes for proposed bonds, although the Board notes that the projects eventually DRAFT 5 funded with bond proceeds will depend on final project costs and the County's evolving needs. b) The amount of bonds proposed is adequate and not excessive for the proposed purpose. The proposed bond amounts have been derived from the Board's consideration of the task force report and other sources. c) The County's debt management and budgetary and fiscal management policies have been carried out consistently in accordance with the law. d) The Board expects a maximum potential tax impact to the County of 7.3 cents per $100 of assessed valuation. The Board recognizes that its past estimates of maximum tax increases necessary to support bond payments have turned out to be accurate. 3. The Finance Officer is authorized and directed to proceed with the proper steps toward the authorization of the referendum, including proceeding with an application to the North Carolina Local Government Commission (the "LGC") for its approval of such bonds. 4. The Finance Officer is authorized and directed to publish a notice of the Board's intent to apply to the LGC for approval of the bonds. This notice must be in the form prescribed by statute and consistent with this resolution. 5. The Finance Officer is authorized and directed to employ bond counsel to represent the County in the authorization and issuance of such bonds. 6. 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.