HomeMy WebLinkAboutRES-1999-073 Resolution authorizing the Sale of 1997 Bonds and Two Thirds Net Debt Reduction Bond Issuance 9 9
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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 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
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, and other current revenue; and
WHEREAS the Board of Commissioners proposes funding for certain major projects
in the implementation of the CIP and County policies with the proceeds of
two-thirds net debt reduction general obligation bonds, voter-approved
bonds and with proceeds of current property taxes, current sales taxes,
impact fees and other current revenue; and
WHEREAS projects are proposed in the CIP to be implemented with proceeds of two-
thirds net debt reduction general obligation bonds totaling $2,846,000 for
renovations and improvements to the Whiffed Human Services Center and
the Northern Human Services Center and,
WHEREAS project cost estimates based upon assessments and evaluations made by
Staff including the County Engineer, Public Works Director and others as
well as review of financing options and repayment ability evaluated by the
Finance Director supports the conclusion that, in combination with other
designated County capital funds, the amount of bonds proposed are
adequate and not excessive for the intended purposes, and
WHEREAS it is the intent of the Orange County Board of Commissioners to seek
approval of the Local Government Commission for the County to issue
two-thirds net debt reduction bonds
IT IS RESOLVED THAT:
1. Orange County intends to seek approval of the Local Government
Commission for Orange County to issue two-thirds net debt reduction
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bonds in a total amount not to exceed $2,846,000, 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,
1999, and for the period since June 30, 1999 as confirmed by the County
Finance Director.
3. According to Orange County's audit report for the year ended June 30,
1999, 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 no tax increase is necessary. Debt service will be
funded principally from sales tax and other revenues committed by the
Orange County Board of Commissioners for that purpose.
5. The Orange County Finance Director shall prepare and submit an
application to the North Carolina Local Government Commission for
approval of the proposed bonds.
6. The Board of Commissioners shall hold a public hearing to receive
comment on the propose bond issuance and the Clerk shall publish a notice
of such hearing within the required time frames.
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 16th day of November, 1999.
Ayes:
Noes: