HomeMy WebLinkAboutRES-1994-037 Resolution Concerning Bond Issue for Farmland Preservation 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 undertaking: 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.
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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
Z,4--�Zz
Beverly A.Myth e
Clerk to the Orange County
Board of Commissioners
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