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HomeMy WebLinkAboutAgenda 08-14-2001 -5b e 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 14, 2001 Action Age Item No. SUBJECT: Introduction of Bond Orders and Public Hearing Resolution DEPARTMENT: Finance PUBLIC HEARING: (YJN) No ATTACHMENT(S): INFORMATION CONTACT: Bond Orders Ken Chavious, ext. 2453 Resolution Sworn Statement of Debt TELEPHONE NUMBERS: Bond Time-table Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To introduce the Bond Orders and consider adoption of a Resolution setting forth the public hearing date and the filing of the Sworn Statement of Debt as required by the Local Government Bond Act for the November f, 2001 Bond Referendum. BACKGROUND: At the June 25, 2001 meeting, the Board of Commissioners authorized the publication of a "Notice of Intent" to file an application with the Local Government Commission (LGC) seeking approval to hold a Bond Referendum on November 6, 2001. In addition, the Board confirmed a calendar of the various steps to be taken in connection with the referendum. The "Notice of Intent"was published on July 13, 2001, and the application has been filed with the LGC. The next step in the referendum process is the Introduction of the Bond Orders. This step is accomplished by the Board Chair or any other commissioner or staff reading aloud the title of each bond order. Subsequent to the Bond Order introductions, a resolution should be adopted setting forth the public hearing date, which is required prior to the formal adoption of the orders. In addition, this resolution instructs the Finance Director to file a Sworn Statement of Debt with the Clerk to the Board. In accordance with the established timetable, the public hearing should be held on August 27, 2001. The Clerk to the Board must publish the Bond Orders and the public hearing notice by August 20, 2001, in order to meet the requirements set forth in the approved time table. Prior to the publishing of the public hearing notice, the Finance Director will file the required Sworn Statement of Debt. It is not necessary for the Board to make any final decisions on the bond orders at this time. Staff has prepared a revised timetable that allows for discussion and finalization of the bond package at the Board work session scheduled for August 30, 2001, with the formal adoption of the orders at the September 4, 2001 regular Board meeting. FINANCIAL IMPACT: There is no impact on the County's finances at this time. 2 ' RECOMMENDATION(S): The Manager recommends that the Board: - Introduce the Bond Orders as mentioned above - Adopt the Resolution establishing the public hearing date for August 27, 2001 - Instruct the Clerk to publish the Orders and public hearing notice by August 20, 2001 - Instruct the Finance Director to file the Sworn Statement of Debt prior to the Clerk's publication. 3 Five Bond Orders for Introduction 1. School Bonds -- $47.000.000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN THE MAXIMUM AMOUNT OF $4790009000 WHEREAS The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing school facilities. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing school facilities, 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 $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 this Board and is open to public inspection. BONDORD&PHRES0814 e 4 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 5 2. Bonds for Parks. Recreation and Open Space -- $20.000.000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR PARIS, RECREATION AND OPEN SPACE IN THE MAXIMUM AMOUNT OF $2090009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing parks, recreation and open space. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 school bonds of the County to pay capital costs of providing parks, open space and recreational facilities, 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 $20,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 6 3. Bonds for Senior Centers -- $4.000,000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR SENIOR CENTERS IN THE MAXIMUM AMOUNT OF $490009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing senior centers. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing senior centers, together with related financing and other necessary or incidental costs. This purpose includes, but is not limited to, acquiring land (or interests in land) and other property, constructing or improving buildings and paying other costs related to providing multipurpose facilities for meetings and activities designed to address needs of the County's senior population. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $4,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 4. Low and Moderate Income Housing Bonds -- $4.000.000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW AND MODERATE INCOME HOUSING BONDS IN THE MAXIMUM AMOUNT OF $490009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing housing for the benefit of persons of low and moderate income. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing housing for the benefit of persons of low and moderate income, 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 $4,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 8 5. Bonds for the Acquisition of Land and Interests in Land --A3,000 000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR LAND ACQUISITION IN THE MAXIMUM AMOUNT OF $390009000 WHEREAS - The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of acquiring land (and interests in land) for County purposes. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission has accepted the County's application. BE IT THEREFORE ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. There are hereby ordered to be issued general obligation bonds of the County to pay capital costs of providing for the acquisition of land and interests in land for present or future County purposes, together with related financing and other necessary or incidental costs. This purpose includes, but is not limited to, the acquisition of land or interests in land for corporate purposes as well as parks, open space and conservation purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $3,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 9 Resolution setting public hearings and authorizing filing of debt statement WHEREAS, there have been introduced at this meeting bond orders entitled as follows: BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN THE MAX1MUM AMOUNT OF $4790009000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR PARKS, RECREATION AND OPEN SPACE IN THE MAXIMUM AMOUNT OF $2090009000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR SENIOR CENTERS IN THE M AMOUNT OF $490009000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW AND MODERATE INCOME HOUSING BONDS IN THE MAIHMUM AMOUNT OF $490009000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR LAND ACQUISITION IN THE MAMMUM AMOUNT OF $390009000 AND WHEREAS, Section 159-57 of the General Statutes requires that a public hearing be held on each 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 shall be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 BONDORD&PHRES0814 10 Margaret Lane, Hillsborough, North Carolina, and that the Clerk to this Board is hereby authorized and directed to publish a notice of each 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 hereby 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. BONDORD&PHRES0814 11 Notice of Public Hearing -- Orange County School Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN THE MAXIMUM AMOUNT OF $4790009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing school facilities. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing school facilities, 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 $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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 12 The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of Orange County, North Carolina, to be $9,085,150,000 and the net debt thereof, including the proposed bonds, to be $143,014,585. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 Margaret Lane, Hillsborough, North Carolina. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Beverly A. Blythe, Clerk to the Board of Commissioners, Post Of_fice Box 8181, Hillsborough, NC 27278, telephone (919) 245-2130. By order of the Board of Commissioners. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina BONDORD&PHRES0814 i 13 Notice of Public Hearing -- Orange County Bonds For Parks. Recreation and Open Space BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR PARKS, RECREATION AND OPEN SPACE IN THE MAXIMUM AMOUNT OF $2090009000 WHEREAS The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing parks, recreation and open space. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 school bonds of the County to pay capital costs of providing parks, open space and recreational facilities, 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 $20,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 14 The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of Orange County, North Carolina, to be $9,085,150,000 and the net debt thereof, including the proposed bonds, to be $143,014,585. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 Margaret Lane, Hillsborough, North Carolina. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Beverly A. Blythe, Clerk - to the Board of Commissioners, Post Office Box 8181, Hillsborough, NC 27278, telephone (919) 245-2130. By order of the Board of Commissioners. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina BONDORD&PHRES0814 15 Notice of Public Hearin -- Orange County Bonds for Senior Centers BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR SENIOR CENTERS IN THE MAXIMUM AMOUNT OF $490009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing senior centers. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing senior centers, together with related financing and other necessary or incidental costs. This purpose includes, but is not limited to, acquiring land (or interests in land) and other property, constructing or improving buildings and paying other costs related to providing multipurpose facilities for meetings and activities designed to address needs of the County's senior population. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $4,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 16 The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of Orange County, North Carolina, to be $9,085,150,000 and the net debt thereof, including the proposed bonds, to be $143,014,585. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 Margaret Lane, Hillsborough, North Carolina. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Beverly A. Blythe, Clerk to the Board of Commissioners, Post Office Box 8181, Hillsborough, NC 27278, telephone (919) 245-2130. By order of the Board of Commissioners. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina BONDORD&PHRES0814 17 Notice of Public Hearing•.-- Orange County Affordable Housing Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW AND MODERATE INCOME HOUSING BONDS IN THE MAXIMUM AMOUNT OF $4,0009000 WHEREAS -- The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of providing housing for the benefit of persons of low and moderate income. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission 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 bonds of the County to pay capital costs of providing housing for the benefit of persons of low and moderate income, 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 $4,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 18 The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of Orange County, North Carolina, to be $9,085,150,000 and the net debt thereof, including the proposed bonds, to be $143,014,585. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m.. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 Margaret Lane, Hillsborough, North Carolina. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Beverly A. Blythe, Clerk to the Board of Commissioners, Post Office Box 8181, Hillsborough, NC 27278, telephone (919) 245-2130. By order of the Board of Commissioners. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina BONDORD&PHRES0814 19 Notice of Public Hearing -- Orange County Land Acquisition Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR LAND ACQUISITION IN THE M AMOUNT OF $390009000 WHEREAS - The Board of Commissioners of Orange County, North Carolina, by resolution adopted on June 25, 2001, has stated its proposal to issue general obligation bonds to pay capital costs of acquiring land (and interests in land) for County purposes. The County has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission has accepted the County's application. BE IT THEREFORE ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. There are hereby ordered to be issued general obligation bonds of the County to pay capital costs of providing for the acquisition of land and interests in land for present or future County purposes, together with related financing and other necessary or incidental costs. This purpose includes, but is not limited to, the acquisition of land or interests in land for corporate purposes as well as parks, open space and conservation purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $3,000,000. 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 this Board and is open to public inspection. 5. This Bond Order will take effect when approved by the County's voters in the manner provided by law. BONDORD&PHRES0814 20 The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of Orange County, North Carolina, to be $9,085,150,000 and the net debt thereof, including the proposed bonds, to be $143,014,585. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on August 27, 2001, in the F. Gordon Battle Courtroom, Orange County Courthouse, 106 Margaret Lane, Hillsborough, North Carolina. Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Beverly A. Blythe, Clerk to the Board of Commissioners, Post Office Box 8181, Hillsborough, NC 27278, telephone (919) 245-2130. By order of the Board of Commissioners. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina BONDORD&PHRES0814 21 SWORN STATEMENT OF DEBT For Orange County, North Carolina I, Kenneth T. Chavious, being first duly sworn, do hereby state that am the Finance Officer for Orange County, North Carolina, that I have been designated by the Board of Commissioners of Orange County, North Carolina, to make and file with the Clerk to such Board of Commissioners a sworn statement of debt, and that the following is the statement of debt for Orange County, North Carolina, as shown by the books in my office, prepared in accordance with, and made pursuant to the requirements of, Section 159-55 of the North Carolina General Statutes. A. Gross Debt 1. Outstanding debt evidenced by bonds: Purpose Amount ($1 Schools 68,882,500 Parks and recreational facilities 2,747,500 Refunding 15,655,000 Public Improvements 2,745,000 Total $ 90.030.000 2. Bonds authorized by orders introduced but not yet adopted: Purpose Amount ($1 Schools Parks and recreational facilities Total $0 22 ! 3. Unissued bonds authorized by adopted orders: Total $ 18,670,000 4. Outstanding debt not evidenced by bonds: Purpose Amount ($1 Schools 31,610,201- County buildings 2,704,384 Total $ 34.314.585 Total Gross Debt (sum of 1 through 4) $143.014.585 B. Deductions from Gross Debt 1 . Funding and refunding bonds authorized by orders introduced but not yet 0 adopted. 2. Funding and refunding bonds authorized but not yet issued. 0 23 3. Amounts held in sinking funds or otherwise for the payment of any part of the principal of gross debt, other than debt incurred for water, gas, electric light or power purposes or sanitary sewer purposes (to the extent deductible under Section 159- 55(b) of the General Statutes), or two or 0 more of these purposes. 4. Bonded debt included in gross debt and incurred, or to be incurred, for water, gas or electric light or power 0 purposes, or any two or more of such purposes. 5. Bonded debt included in gross debt and incurred, or to be incurred, for sanitary sewer purposes (to the extent deductible under Section 159-55(b) of the 0 General Statutes). 6. Uncollected special assessments levied for local improvements for which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be 0 applied, when collected, to the payment of any part of the gross debt. 7. Estimate of special assessments to be levied for local improvements for which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be applied, when collected, to the payment of 0 any part of the gross debt. Total deductions (Sum of 1 through 7) $ 0 J 24 C. Net Debt, being the difference between Total Gross Debt (A) and Total $ 143,014,585 Deductions (B). D. Appraised Value of property subject to taxation, being the value from which the assessed value last fixed for taxation was computed, as budgeted by the County $ 9,085,150,000 Commissioners upon the recommendation of the County Tax Assessor. E. Percentage that Net Debt bears to the appraised value of property subject 1 .58% to taxation. WITNESS my signature this 14th day of August, 2001. Kenneth T. Chavious Finance Officer Orange County, North Carolina 25 STATE OF NORTH CAROLINA ORANGE COUNTY Subscribed and sworn before me this 14th day of August, 2001. Notary Public [Seal] My commission expires I, John Smith, Orange County Tax Assessor, hereby certify that the assessed value recommended for taxation in Orange County, North Carolina, as revealed by County tax records and the best estimates available (before the application of any assessment ratio), is $9,085,150,000. WITNESS my signature this 14th day of August, 2001. John Smith Tax Assessor Orange County, North Carolina I, Beverly A. Blythe, Clerk to the Board of Commissioners of Orange County, North Carolina, do hereby certify that the foregoing is a true copy of a statement which was filed with me on August 15, 2001, after the introduction of, and before the public hearing on, orders authorizing bonds of Orange County, North Carolina, and that said statement is open to public inspection in my office. Beverly A. Blythe Clerk, Board of Commissioners Orange County, North Carolina 26 Orange County—Proposed Timetable for November Bond Referendum Event Date 1. Determine tentative referendum plan By early June 2. Meet with LGC staff By late Spring 3. Give informal notice to County Board of By late Spring Elections 4. Obtain school board resolutions By mid-June 5. Board adopts "own words" resolution At June 25 Board meeting(scheduled explaining purpose for issue and adopts meeting for budget adoption) resolution authorizing publication of notice of intent to file LGC application 6. Publish notice of intent to file application As soon as possible after step 6 and in any event by 7/15 7. File LGC application Between 7/25 and 8/13 (must be at least 10 days after event 4 and prior to event 6) 8. Board introduces bond orders At 8/14 Board meeting and schedules public hearing 9. Clerk files sworn statement of debt Any time between event 6 and event 8 10. Publish notice of public hearing By 8/20(after event 9 and at least six days prior to event 11) 11. Hold public hearing At 8/27 Board meeting(7:00 p.m.) 12. Discuss and finalize bond questions and At 8/30 Worksession amounts. 13. Adopt bond order; formally set ballot At 9/4 Board Meeting question and referendum date 14. Publish bond order as adopted As soon as possible after event 13 15. Publish notice of referendum(twice) By 9/24; then by 10/2 16. Referendum occurs 11/6 POSSIBLE BOND PACKAGE,2001 Schools $47,500,000 Renovations--Older schools,CHCCS $2,000,000 Renovations--Orange High $1,000,000 CHCCS Elem.No. 9 $13,250,000 CHCCS Elem.No. 10 $13,250,000 OCS Middle School $18,000,000 Affordable Housing $4,000,000 Senior Centers $4,000,000 Recreation and Open Space $19,500,000 Active: Aquatics Center $3,500,000 Southern Park $1,000,000 Smith Middle School Field $250,000 Bolin Creek Park $1,550,000 Cedar Grove Park $1,200,000 Fairview Park $1,000,000 Soccer field development $1,500,000 Low-Impact Greenways--CH/Cb $1,500,000 Land and easement acquisition $8,000,000