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HomeMy WebLinkAboutAgenda - 08-25-1997 - E2 f . • � 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 25, 1997 Action Agenda Item No. E-z SUBJECT: Adoption of Bond Orders for November 1997 Referendum DEPARTMENT: Finance PUBLIC HEARING: (Y/N) BUDGET AMENDMENT: (Y/l) ATTACHMENT(S): INFORMATION CONTACT: Bond Orders Ken Chavious Ext. 2453 Resolution TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 PURPOSE: To consider adoption of five Bond Orders and to formally set the ballot questions and referendum date, as required by the Local Government Bond Act, and in accordance with the timetable established for the proposed November 4, 1997 bond referendum. BACKGROUND: On August 4, 1997,the Board introduced Bond Orders required for the proposed November 4, 1997 bond referendum. At that time, the date for the required public hearing on the Bond Orders was also established. The public hearing took place on August 20, 1997. All of the actions required by the Local Government Bond Act have occurred in accordance with the Board's established timetable. The requirements of the Bond Act state that after the hearing,the Board must adopt the Bond Orders and formally set the ballot questions and the date for the referendum. Adoption of the Bond Orders establishes the final amounts of the proposed bonds that will go before the voters. The ballot questions and the date of the referendum will be formally set by adoption of the attached resolution, as prepared by the County's Bond Counsel, containing the language necessary for compliance with the statutes. Once adopted, the Clerk to the Board must send a copy of the resolution to the County Board of Elections within three days. As soon as possible after adoption, the Clerk must also publish the Bond Orders. If the Board is ready to do so, it can adopt the resolution and bond orders at this August 25 meeting. If further discussion and deliberation are necessary, the Board can make those decisions as late as the September 2 regular meeting and remain on schedule. RECOMMENDATION(S): The Manager recommends that at either the August 25 or September 2 meeting, the Board: 1) adopt the Bond Orders, thereby establishing the final amounts for the referendum; and 2) adopt the resolution formally setting the bond questions and the referendum date. Bond Orders for Adoption 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. f.: 3 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. 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. 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. 6' 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. 4. 7 Resolution regarding publication of Bond Orders, establishing date for referenda and setting ballot questions WHEREAS,there have been adopted 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 MAXIMUM 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 159-58 of the General Statutes requires publication of a notice of the adoption of such Bond Orders; AND WHEREAS, such Bond Orders are to take effect when approved by the voters, and Section 159-61 of the General Statutes requires publication of notice of the bond referenda; BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, that the Clerk to this Board is hereby authorized and directed to publish a notice of the adoption of such Bond Orders, in the form provided for in Section 159-58 of the General Statutes, one time in a newspaper having general circulation in the County; AND BE IT FURTHER RESOLVED that each Bond Order be subject to a bond referendum to be held within the County on November 4, 1997; AND BE IT FURTHER RESOLVED that the Clerk to this Board is authorized and directed to transmit a certified copy of this resolution to the Orange County Board of Elections within three days after today; 8 AND BE IT FURTHER RESOLVED that the Clerk to this Board is authorized and directed to publish notice of such bond referenda as required by Section 159-61 of the General Statutes; AND BE IT FURTHER RESOLVED that the respective ballot questions shall be in the following forms: ORANGE COUNTY SCHOOL BONDS Shall the order authorizing up to $47,000,000 of general obligation bonds of Orange County, for the purpose of paying capital costs of providing school facilities, together with related financing and other necessary or incidental costs, as adopted by the County's Board of Commissioners on , 1997,be approved? Yes— No_ ORANGE COUNTY PARKS AND RECREATION FACILITIES BONDS Shall the order authorizing up to $6,000,000 of general obligation bonds of Orange County, for the purpose of paying capital costs of providing parks and recreation facilities, together with related financing and other necessary or incidental costs, as adopted by the County's Board of Commissioners on 1997, be approved? Yes No ORANGE COUNTY PUBLIC BUILDINGS BONDS Shall the order authorizing up to $4,600,000 of general obligation bonds of Orange County, for the purpose of paying capital costs of providing public buildings, together with related financing and other necessary or incidental costs, as adopted by the County's Board of Commissioners on , 1997,be approved? Yes No 1 t 9 ORANGE COUNTY LOW AND MODERATE, INCOME HOU IN BONDS Shall the order authorizing up to $1,800,000 of general obligation bonds of Orange County, for the purpose of paying 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, as adopted by the County's Board of Commissioners on , 1997,be approved? Yes No ORANGE COUNTY SEWER EXPANSION BONDS Shall the order authorizing up to $1,200,000 of general obligation bonds of Orange County, for the purpose of paying capital costs of expanding sanitary sewer systems, together with related financing and other necessary or incidental costs, as adopted by the County's Board of Commissioners on _, 1997,be approved? Yes No_