HomeMy WebLinkAboutAgenda - 04-05-1993 - III-H 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No _ar-/4
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 5, 1993
SUBJECT: Establishment of Public Hearing Date - Refinancing of 1988
Bonds
DEPARTMENT Finance PUBLIC HEARING YES NO X
ATTACHMENT(S) INFORMATION CONTACT
Bond Sale Procedural Calendar Ken Chavious, ext 2450
from Bond Counsel TELEPHONE NUMBER
Hillsborough 732-8181
Chapel Hill 968-4501
Mebane 227-2031
Durham 688-7331
PURPOSE: To set a date for a public hearing on the refinancing of
County bonds approved in the November 1988 referendum.
BACKGROUND: At the March 23 meeting, the Board of Commissioners
directed the staff to pursue the refinancing of all outstanding bonds
that were authorized by Orange County voters in November 1988.
Refinancing remaining 1989, 1990, and 1991 Series bonds could save the
County as much as $1 million, under today' s market conditions, in
interest costs over the life of the bonds.
As with the recent sale of new school bonds, there are a number of
procedural steps required by the Local Government Commission leading up
to a planned sale of refunded bonds on May 18. One of these is a
public hearing, which Bond Counsel suggests should be held at the May 3
regular meeting of the County Commissioners.
RECOMMiENDATION: The Manager recommends that the Board schedule a
public hearing on the refunding of 1988 bonds for Monday, May 3, 1993
at 7 :30pm at the Cedar Grove Ruritan Building.
re- r . 7 1 •6_1i nrCJH1 1 a I4Jk i 1 1
2
366 OALIrO$NIA •TIRCCT B R O W N & W 0 0 D •1• CQNNiQTIOUT AViNuC,
SAN FRANCISCO. CA, •41Oa.>13 WASS1Na7OM.D.G.I000111-4004
7CLE•NONii Ali-s•a-3146 YCL$PNONS: *Oa•/1/33-0830
FACSIMILE: A1•-3.7-4681 ONe WORLD TRAoE CCNTCR FAG•IMILCI aor-ass-w•s
Ioaoo w.LsNIRt •ouLEVARo New YORK, N.Y. 1004$-0557
17Z WCaT STATE STREET
LOi ANGCLd, G. 6O8t•471/•6 TCLC•NOr4R:811.0364300 TRtHTON. M.J. 066013-1104
TCLC•HONC1 310-443-0200 FACSIMILE:21i-S34.4I TFLC•MQMCI sop•a2.I-o3Q3
FACSIMILE: 3“0-a041•42AD FACSIMILE: 60•-383.15.0
SbII2OYAMA Jr MORI•UILOINO. 16TH FLOOR 6LACRWCLL NOUSE
3.1, TORANOMQN 4-CI•OMC, MINATO-NU
TOK70 105,JAPAN 4.0140001 OYIL0MAL YARD
EC 2v SAO
TCLEPHONCI 02-647!-5360 TCLC►MQNCt 071-6011-1.68
RA4'SNMILEI 04-347•.30$6 FAC*IMlIJC: 071.744.1507
April 1, 1993
Mr. Kenneth T. Chavious
County of Orange
Finance Director
208 South Cameron Street
Hillsborough, North Carolina 27278
Re: County of Orange, North Carolina
Proposed Refunding Bonds
Dear Ken:
I wish to confirm the following suggested calendar of the
various stops to be taken in connection with the authorization of
the bonds described above:
By April 20 - Receipt of notice in writing from Local
Government Commission that letter
constituting the County's application for
approval of the bonds has been filed and
accepted for submission to Commission.
April 20 - Introduction of bond order by Board of
Commissioners for the County at a regular
meeting.
April 22 - Publication of bond order as introduced
and notice of public hearing,
May 3 - Holding of public hearing, adoption of
bond order and passage of sale resolution
by Board of Commissioners at a regular
meeting.
May 6 - Publication of bond order as adopted and
notice of sale.
May 18 - Sale.
Not earlier ' - Closing.
than June 8
rtr rc lJ l 7J 1 J b5 bfK01.f r a wUL)iJ (r r
3
If you have any questions, please call me.
Sincerely yours,
Gundars Aperans
Enclosures
cc: Ms. Janice Burke
•
2