HomeMy WebLinkAboutRES-1997-032 Resolution required by Local Government Commission for November 1997 Bond Referendum 9e
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NORTH CAROLINA ORANGE COUNTY BOARD OF
ORANGE COUNTY COMMISSIONERS RESOLUTION
WHEREAS growth in Orange County has been, and is predicted to continue to be
significant; and
WHEREAS with the growth there has been and continues to be an ever-increasing
demand for County services; and
WHEREAS County facilities are inadequate to provide the space necessary to deliver
the demanded County services or to provide certain opportunities to
County citizens; and
WHEREAS the County plan for the expansion of County owned sanitary sewer
facilities has not been implemented because of a lack of fiends and the
expansion will address the need of County citizens awaiting services by
the facilities; and
WHEREAS funding for housing for County citizens of low and moderate income is
limited and this housing is at a premium and likely to be more available
through joint ventures between the County and non-profit corporations
within the County whose mission is to provide housing for persons of low
and moderate income; and
WHEREAS the Orange County Board of Education and the Chapel Hill-Carrboro
Board of Education have formally requested funding from Orange County
for school facilities necessary to overcome quality deficiencies, to eliminate
present classroom overcrowding and to meet future space needs in order to
address the demands placed on the school systems by growth in Orange
County; and
WHEREAS the Orange County Commissioners have initiated, reviewed and received
public comment on a ten-year Capital Improvement Plan(hereinafter
referred to as CIP) in order to address the facilities needs of the County
and the two school systems located in the County; and
WHEREAS it is impractical to fund the facilities construction and improvements
necessary to implement the CIP and County policies with"pay as you go"
revenues generated wholly from the current property taxes, current sales
taxes, impact fees and other current revenue; and
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WHEREAS the Board of Commissioners proposes funding for certain major projects
in the implementation of the CIP and County policies with the proceeds of
general obligation bonds, and with proceeds of current property taxes,
current sales taxes, impact fees and other current revenue; and
WHEREAS those projects proposed to be implemented with proceeds of general
obligation bonds in a total amount not to exceed$ is as follows:
Schools-total amount not to exceed $
Public Buildings total amount not to exceed $
Parks total amount not to exceed $
Providing housing for persons of low and
moderate income total amount not to exceed $
Sewer Expansion total amount not to exceed $
WHEREAS it is the intent of the Orange County Board of Commissioners to seek
approval of the voters of Orange County at the general election to be held
in Orange County on November 4, 1997 for the County to issue general
obligation bonds.
IT IS RESOLVED THAT:
1. Orange County intends, on November 4, 1997,to seek approval of the
voters of Orange County for Orange County to issue general obligation
bonds in a total amount not to exceed$ ,as detailed above in
order to implement the CIP and County policies.
2. Orange County has made all debt service payments on existing debt on a
timely basis as evidenced by its audit report for the year ended June 30,
1996,and for the period since June 30, as confirmed by the County Finance
Director.
3. According to Orange County's audit report for the year ended June 30,
1996,its budgetary and fiscal management policies have been carried out in
compliance with all applicable laws,requirements and other guidelines.
4. In order to meet the increase in debt service occasioned by the repayment
of the proposed bonds entirely from proceeds of Orange County property
taxes,it is estimated that a cent tax increase would be necessary.
However, it is anticipated that only a cent tax increase will be necessary to
meet the increase in debt service,with the balance coming principally from
sales tax and other revenues committed by the Orange County Board of
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Commissioners for that purpose.
5. The Clerk to the Board of Commissioners shall publish, on or before July
15, 1997, in a form prepared and approved by Orange County's bond
counsel, Orange County's"Notice of Intent"to file an application with
the North Carolina Local Government Commission for approval of the
proposed bonds.
6. The Orange County Finance Director shall prepare and submit the
application to the North Carolina Local Government Commission for
approval of the proposed bonds.
7. The County Manager is hereby authorized to employ Robert M. Jessup, Jr,
of Chapel Hill,North Carolina,and Nexsen Pruet Jacobs& Pollard, LLP,
of Columbia, South Carolina,to represent Orange County as bond counsel
in the authorization and issuance of the proposed bonds.
Upon motion duly made and seconded, the foregoing Resolution was adopted by
the Board of Commissioners of Orange County,this the 30th day of June 1997.
Ayes:
Noes: