Loading...
HomeMy WebLinkAboutAgenda - 08-04-1997 - 5c 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 4, 1997 Action Agenda Item No. SUBJECT: Introduction of Bond Orders and Public Hearing Resolution DEPARTMENT: Finance PUBLIC HEARING: (Y/1S) BUDGET AMENDMENT: (Y/1) ATTACHMENT(S): INFORMATION CONTACT: Bond Orders Ken Chavious, ext 2453 Resolution Sworn Statement of Debt TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 9684501 Durham 688-7331 Mebane 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 4, 1997 Bond Referendum. BACKGROUND: At their June 30, 1997 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 4, 1997. In addition,the Board approved a calendar of the various steps to be taken in connection with the referendum. The "Notice of Intent''was published on July 9, 1997, 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 usually accomplished by the Board Chair 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 should instruct the Finance Director to file a Sworn Statement of Debt with the Clerk to the Board. In accordance with the established time table, the public hearing should be held on August 20, 1997. The Clerk to Board must publish the Bond Orders and the public hearing notice by August 13, 1997, 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. 2 RECOMMENDATION(S): The Manager recommends that the Board: - Introduce the Bond Orders as described above. -Adopt the Resolution establishing the public hearing date for August 20, 1997. - Instruct the Clerk to publish the Orders and public hearing notice by August 13, 1997. - Instruct the Finance Director to file the Sworn Statement of Debt prior to the Clerk's publication. 3 Bond Orders for Introduction 1. School Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$47,000,000 WHEREAS— By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, North Carolina(the "County"), 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 (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such 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 school bonds of the County to pay capital costs of providing school facilities, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose shall 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. Such sworn statement of debt is hereby accepted by the Board and is open to public inspection. 5. This Bond Order shall take effect when approved by the County's voters in the manner provided by law. 4 2. Parks and Recreation Facilities Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PARKS AND RECREATION FACILITIES BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$6,000,000 WHEREAS= By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, North Carolina(the "County"), stated its proposal to issue general obligation bonds to pay capital costs of providing parks and recreation facilities, including the acquisition of land. The County has applied to the North Carolina Local Government Commission (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such 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 parks and recreation facilities, including without limitation the acquisition of land, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose shall be$6,000,000. 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. Such sworn statement of debt is hereby accepted by the Board and is open to public inspection. 5. This Bond Order shall take effect when approved by the County's voters in the manner provided by law. 5 3. Public Buildings Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PUBLIC BUILDING BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$4,600,000 WHEREAS-- By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, North Carolina(the "County"), stated its proposal to issue general obligation bonds to pay capital costs of providing public buildings. The County has applied to the North Carolina Local Government Commission (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such 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 public buildings, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose shall be $4,600,000. 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. Such sworn statement of debt is hereby accepted by the Board and is open to public inspection. 5. This Bond Order shall take effect when approved by the County's voters in the manner provided by law. 6 4. Low and Moderate Income Housing Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW AND MODERATE INCOME HOUSING BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$1,800,000 WHEREAS-- By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, North Carolina(the "County"), 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 (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such 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 housing for the benefit of persons of low and moderate income, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose shall be$1,800,000. 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. Such sworn statement of debt is hereby accepted by the Board and is open to public inspection. 5. This Bond Order shall take effect when approved by the County's voters in the manner provided by law. 7 S. Sewer Expansion Bonds BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SEWER EXPANSION BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$1,200,000 WHEREAS-- By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, North Carolina(the "County"), stated its proposal to issue general obligation bonds to pay capital costs of expanding sewer systems. The County has applied to the North Carolina Local Government Commission (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such 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 expanding sanitary sewer systems, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The maximum aggregate principal amount of the bonds issued for such purpose shall be$1,200,000. 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. Such sworn statement of debt is hereby accepted by the Board and is open to public inspection. 5. This Bond Order shall take effect when approved by the County's voters in the manner provided by law. 8 Resolution setting public hearing and authorizing tiling 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 OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$47,000,000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PARKS AND RECREATION FACILITIES BONDS OF ORANGE COUNTY, NORTH CAROLINA,IN THE MA)GMUM AMOUNT OF$6,000,000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PUBLIC BUILDING BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$4,600,000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW AND MODERATE INCOME HOUSING BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF$1,800,000 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SEWER EXPANSION BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF $1,200,000 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 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 7:30 p.m. on August 20, 1997, in the Council Meeting Room, Chapel Hill Town Hall, 306 North Columbia Street, Chapel Hill,North Carolina, and 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. 9 SWORN STATEMENT OF DEBT For Orange CounM North Carolina I, Kenneth T. Chavious, being first duly sworn, do hereby state that I 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: P urpos Amount Schools 45,900,000 Public buildings Other ( Reim 22,215,000 Total $ 68,115,000 2. Bonds authorized by orders introduced but not yet adopted: Purpose Amount Schools 47,000,000 Public buildings 4,600,000 Parks and recreational facilities 6,000,000 Low and moderate income housing 1,800,000 Sewer expansions 1,200,000 Total $ 60,600,000 10 3 3. Unissued bonds authorized by adopted orders: Purpose Amount Total $ -O- 4. Outstanding debt not evidenced by bonds: Purpose Amount Equip ra 141,278 School Constuction 22,363,628 ,Tail/ Courthouse 1,836,%l Public Buildings 1,153,537 Total $25,495,404 Total Gross Debt (sum of 1 through 4) $ 154,210,404 B. Deductions from Gross Debt 1. Funding and refunding bonds authorized by orders introduced but not yet adopted. $ -0' 2. Funding and refunding bonds authorized but not yet issued. $ -0- 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 more of these purposes. $ -o- 4. Bonded debt included in gross debt and incurred, or to be incurred, for water, gas or electric light or power purposes, or any two or more of such purposes. $-0- 11 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 General Statutes). $ -o- 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 applied, when collected, to the payment of any part of the gross debt. $ -0- 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 any part of the gross debt. $ -0- Total deductions (Sum of 1 through 7) $C. Net Debt, being the difference between Total Gross Debt(A) and Total Deductions (B). $ 154,210,404 D. Appraised Value of property subject to taxation, being the value from which the assessed value last fixed for taxation was computed, as revealed by the County tax records and certified by the County Tax Assessor. $ 5,153,275,662 E. Percentage that Net Debt bears to the appraised value of property subject to taxation. 2,99 WITNESS my signature this day of August, 1997. Kenneth T. Chavious Finance Officer Orange County, North Carolina 12 STATE OF NORTH CAROLINA ORANGE COUNTY Subscribed and sworn before me this day of August, 1997. Notary Public [Seal] My commission expires I, John Smith, Orange County Tax Assessor, hereby certify that the assessed value last fixed for taxation in Orange County, North Carolina, as revealed by County tax records (before the application of any assessment ratio), is S 5,153,275,662 WITNESS my signature this day of , 1997. 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 , 1997, 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