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HomeMy WebLinkAboutAgenda - 08-08-1994 - VIII-T r ORANGE COUNTY 1 BOARD OF COMMISSIONERS Action Agenda • Item No.�1ZI-," ACTION AGENDA ITEM ABSTRACT Meeting Date: August 8, 1994 SUBJECT: Resolution for Farmland Preservation Bond Application ------------------------------ ---------------------------------- DEPARTMENT: Finance PUBLIC HEARING YES: NO:X ------------------------------- ---------------------------------- ATTACHMENT(S) : INFORMATION CONTACT: Ken Chavious Resolution TELEPHONE NUMBER- EXT. 2453 Hillsborough - 732-8181 Chapel Hill - 968-4501 Mebane - 227-2031 Durham - 688-7331 ---------------------------------------------------------------------- PURPOSE: To consider the adoption of a Resolution in support of the County's application seeking approval from the Local Government Commission (LGC) to hold a referendum for Farmland Preservation Bonds. i BACKGROUND: On June 28, 1994 the Board of Commissioners adopted a "Notice of Intent" to file an application with the LGC for authorization to hold a referendum on the issuance of Farmland Preservation Bonds. In addition to the "Notice of Intent" , the LGC requires that the County Commissioners adopt a resolution making necessary findings related to the proposed bonds. The resolution, which serves as a supplement to the application, also authorizes the actual filing of the application and designates a County representative to be the contact person throughout the referendum and sale procedures. The bond application is currently being prepared by staff and will be submitted to the LGC later this week. LGC approval of the application is contingent upon inclusion of the resolution in the application packet. RECOMMENDATION(S) : The Manager recommends that the Board adopt the attached Resolution. i 2 • RESOLUTION CONCERNING BOND ISSUE FOR FARMLAND PRESERVATION WHEREAS, the Orange County Board of County Commissioners has considered the need for preservation of farmland within the County; AND WHEREAS, it is the opinion of the Board that the voters of Orange County should consider these needs in the amount of $5, 000,000; AND WHEREAS, the Board has made the following factual findings in regard to this matter: 1. Description of undertakings: The undertaking for which the bonds are proposed is to provide funds for the implementation of a program of farmland preservation within the County, including the acquisition by purchase, lease or otherwise of land or any interests therein (including development rights) to maintain, protect, limit future use of or otherwise conserve open spaces and open areas constituting farmland. • 2. Facts regarding necessity of proposed program: The proposed program is necessary in order to provide farmers a timely, financially competitive alternative to selling their land for development. 3 . Facts supporting the amount of bonds proposed: The amount of bonds proposed is adequate for the proposed purpose inasmuch as the preliminary cost information prepared by the Orange County Planning Department has estimated that the bonds would provide funds to facilitate the implementation of the preservation program. 4. Past debt management policies: Orange County has in the past always appropriated funds in accordance with North Carolina law during each fiscal year in an amount sufficient to meet annual debt service requirements. 5. Past budgetary and fiscal management policies: Orange County has always adopted its budget in a timely manner in accordance with North Carolina statutory requirements and has obtained an unqualified opinion from a certified public accountant in connection with each annual audit. 6. Retirement of debt: In order to satisfy the estimated increase in debt service requirements, Orange County will use ad valorem taxes of $0. 01 (one cent) per $100. 00 assessed valuation. 3 Page 2 NOW, THEREFORE, BE IT RESOLVED BY THE ORANGE COUNTY BOARD OF COMMISSIONERS: A. The Orange County Clerk to the Board is directed to publish notice of intent to make application to the Local Government Commission of the State of North Carolina for approval of the bond issue in the amount of $5, 000, 000. 00 as required by North Carolina General Statute 159-50. B. The Orange County Finance Director is directed to file application for approval of the bonds with the Local Government Commission as required by North Carolina General Statute 159-51, and is designated the representative of the County for said purpose. C. That a bond referendum be submitted to the qualified voters of Orange County for said $5, 000, 000. 00 on November 8, 1994 . D. The Orange County Finance Director is authorized to • employ bond counsel to represent the County in the authorization and issuance of bonds. I, Beverly A. Blythe, Clerk to the Board of County Commissioners of Orange County, do hereby certify that the resolution set out above was duly adopted in the regular meeting of the Board held at 7 :30 o'clock P.M. , August 8, 1994 , and that same was duly recorded in the minutes of said meeting. This the 8th day of August, 1994 Beverly A. Blythe Clerk to the Orange County Board of Commissioners ORANGE COUNTY HILLSBOROUGH NORTH CAROLINA &taGlis/ced 1762 MEMORANDUM TO: Board of County Commissioners FROM: John Link, County Manager DATE: August 8, 1994 SUBJECT: Addition to Agenda (Resolution for Farmland Preservation Bond Application) During the Finance Director's discussions with the LGC last week, he discovered that there was an additional item requiring Board action related to the application we are submitting for the Farmland Preservation Bond Referendum. This action consists of a resolution which makes necessary findings related to the proposed bonds, officially designates the Finance Director as County representative during the referendum process and authorizes the actual filing of the application. While this action is not a statutory requirement under the Bond Act, the LGC requires it as a supplement to the application. Finance Department staff are currently finalizing the application for submission this week and would like for the Board to act on this at tonight's meeting. This action can be an added to the consent agenda. I have attached an agenda abstract and the required resolution. The resolution has been reviewed and approved by the LGC. Please call me if you have any questions or need more information. AREA CODE (919) 732-8181 • 968-4501 • 688-7331 • 227-2031 • FAX (919) 644-3004 Ext. 2300