HomeMy WebLinkAboutAgenda - 04-20-1993 - IV-A 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No SV A
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 20, 1993
SUBJECT: Introduction of Bond Orders - 1988 Refunding Bonds
DEPARTMENT Finance PUBLIC HEARING YES NO X
ATTACHMENT(S) INFORMATION CONTACT
Correspondence from Bond Counsel Ken Chavious, ext 2450
Suggested Form of Board Proceedings TELEPHONE NUMBER
Bond Orders Hillsborough 732-8181
Sworn Statement of Debt Chapel Hill 968-4501
Mebane 227-2031
Durham 688-7331
PURPOSE: To introduce the Bond Orders for the proposed refunding of the
County' s Bonds approved in the 1988 referendum, in accordance with the
Local Government Bond Act.
BACKGROUND: At the March 23, 1993 meeting, the Board of Commissioners
authorized staff to pursue an advance refunding of the bonds approved
in the November 1988 referendum. At the April 5 meeting, the Board
established May 3 as the date for the required public hearing on the
refunding bonds. Provisions of the Local Government Bond Act require
that the Board introduce a Bond Order for the proposed refunding issue.
Subsequent to introduction of the Bond Order, the Finance Director
should execute a sworn statement of debt. The Bond Order and the
public hearing notice must be published by April 22, 1993 in order to
meet the requirements set forth in the timetable outlined by Bond
Counsel.
On March 23, 1993, the Board was provided information regarding the
potential savings which could be realized from the proposed refunding
issue. As stated, the projected savings were based upon market
conditions at that particular time. Since changing conditions in the
bond market could impact savings negatively or positively, staff
recommended and the Board approved the sale of refunding bonds if a
cumulative savings threshhold of $500,000 can be achieved.
The 1988 bonds were sold in three installments ( 1989 - $11.8 million;
1990- $9 .075 million; and 1991 - $8. 125 million) . The interest rates
varied with each bond sale. As with a home mortgage, a decision to
refinance general obligation bonds is based on whether the refinance
interest rate is sufficiently lower than the original interest rate to
generate savings greater than the administrative costs associated with
the refinancing. The 1991 bonds currently have the lowest rate and
could negatively impact the overall savings if rates in the current
market increase. Therefore, at the suggestion of Bond Counsel, staff
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recommend that the Board introduce two separate Bond Orders: the first
covering the 1989 and 1990 Bonds; the second covering just the 1991
bonds. This gives the County the flexibility to respond to any changes
in the market over the next several weeks. The County can pursue
refunding all of the bonds which have been sold, or only the bonds sold
in 1989 and 1990, which have the highest interest rate and account for
the majority of the projected savings.
RECOMMENDATION(S) : The Manager recommends that the Board introduce the
Bond Orders as prepared by Bond Counsel, and instruct the Clerk to
publish the Bond Order and public hearing notice by April 22, 1993.
555 CALIFORNIA STREET B R O W N & WOOD 815 CONNECTICUT AVENUE, N.W.
SAN FRANCISCO, CA. 94104-1715 WASHINGTON, D.C. 20006-4004
TELEPHONE: 415-398-3909 TELEPHONE: 202-223-0220
FACSIMILE: 415-397-4621 ONE WORLD TRADE CENTER FACSIMILE: 202-223-0485
NEW YORK, N.Y. 10048-0557
10900 WILSHIRE BOULEVARD 172 WEST STATE STREET
LOS ANGELES, CA, 90024-3959 TELEPHONE: 212-839-5300 TRENTON, N.J. 08608-1104
TELEPHONE: 310-443-0200 FACSIMILE: 212-839-5599 TELEPHONE: 609-393-0303
FACSIMILE: 310-208-5740 FACSIMILE: 609-393-1990
SHIROYAMA JT MORI BUILDING, 15TH FLOOR BLACKWELL HOUSE
3-I, TORANOMON 4-CHOME, MINATO-KU GUILDHALL YARD
TOKYO 105, JAPAN LONDON EC2V 5AB
TELEPHONE: 03-5472-5360 TELEPHONE: 071-606-1888
FACSIMILE: 03-5472-5058 FACSIMILE: 071-796-1807
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 steps 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
•
If you have any questions, please call me.
Sincerely yours,
Gundars Aperans
Enclosures
cc: Ms. Janice Burke
2
3
555 CALIFORNIA STREET B R O W N & W O O D 815 CONNECTICUT AVENUE, N.W. •
SAN FRANCISCO. CA, 94104-1715 WASHINGTON, O.G. 20006-4004
TELEPHONE: 415-398-3909 TELEPHONE: 202-223-0220
FACSIMILE: 415-397-4621 ONE WORLD TRADE CENTER FACSIMILE: 202-223-07485
V
NEW YORK, N.Y. 100448-0557
10900 WILSHIRE BOULEVARD 172 WEST STATE STREET
LOS ANGELES, CA. 90024-3959 TELEPHONE: 212-839-5300 TRENTON, N.J. 08608-1104
TELEPHONE: 310-443-0200 FACSIMILE: 212-639-5599 TELEPHONE: 609-393-0303
FACSIMILE: 310-208-5740 FACSIMILE: 609-393-1990
SHIROYAMA JT MORI BUILDING, I5TH FLOOR BLACKWELL HOUSE
3-I, TORANOMON 4-CHOME, MINATO-KU GUILDHALL YARD
TOKYO 105, JAPAN LONDON EC2V 5AB
TELEPHONE: 03-5472-5360 TELEPHONE: 071-606-1888
FACSIMILE: 03-5472-5058 FACSIMILE: 071-796-1507
April 14 , 1993
Mr. Kenneth T. Chavious
County of Orange
Finance Director
109 Court Street
Hillsborough, North Carolina 27278
Re: County of Orange, North Carolina
$20, 800, 000 Refunding Bonds
$ 8, 200, 000 Refundinct Bonds
Dear Ken:
In accordance with our conversation of this morning, I am
enclosing the following items relating to the authorization of the
bonds described above:
1. Five copies of a suggested form of proceedings to be
taken by the Board of Commissioners at a regular meeting
to be held on April 20, evidencing the introduction and
passage on first reading of two orders authorizing the
bonds and the call of a public hearing upon such orders.
2 . Five copies of a suggested form of sworn statement of
debt to be made by you, verified on April 20, the day of
the Board of Commissioners' meeting, and filed with the
Clerk to the Board of Commissioners, in the presence of
the Board of Commissioners, after the introduction but
prior to the passage of the bond orders on first reading.
•
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3 . Copies of each bond order with appended statement giving
notice of the public hearing for handing to The News of
Orange County and The Chapel Hill Herald for publication
on April 22, after all blanks have been filled to
correspond with the figures set forth in the debt
statement, and extra copies of such items for
proofreading the text thereof after type has been set put
prior to actual publication.
After the enclosed proceedings and sworn statement mentioned
above have been taken or executed, please provide me with two
certified or executed copies thereof. After the bond orders have
been published, please provide me two publisher's affidavits, with
printed clippings attached, to evidence each such publication. One
copy of each item should also be sent to Ms. Janice Burke of the
Local Government Commission.
If you have any questions, please call me.
Sincerely yours,
Gundars Aperans
Enclosures
cc: Ms. Janice Burke
2
/,2-62 - ?8
DATE
ITEM tic
A regular meeting of the Board of Commissioners for the County
of Orange, North Carolina, was held in the OWASA Meeting Room on
Jones Ferry Road in Carrboro, North Carolina, the regular place of
meeting, at 7 : 30 P.M. , on April 20, 1993 .
Present: Chairman Moses Carey, Jr. , presiding, and
Commissioners Alice M. Gordon, Stephen H. Halkiotis, Verla C. Insko and
Don Willhoit
Absent: NONE
Also present: Kenneth T. Chavious, Finance Director, and
Beverly Blythe, Clerk to the Board of Commissioners.
* * * *
Commissioner Moses Carey, Jr. introduced the following
two orders authorizing bonds which were read:
ORDER AUTHORIZING $20, 800, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County of
Orange:
1. That, pursuant to The Local Government Bond Act, as
amended, the County of Orange, North Carolina, is hereby authorized
to issue Refunding Bonds in an aggregate principal amount not
exceeding $20, 800, 000 for the purpose of providing funds, with any
other available funds, for refunding all or a portion of the
following outstanding bonds of said County (including paying
expenses related thereto) :
$9 , 100, 000 School Bonds, Series 1989 , dated May 1, 1989
and stated to mature on May 1, 1994 to 2009 ,
inclusive,
$1, 100, 000 Public Building Bonds, Series 1989 , dated May
1, 1989 and stated to mature on May 1, 1994 to
2009 , inclusive,
$6, 795, 000 School Bonds, Series 1990, dated June 1, 1990
and stated to mature on June 1, 1994 to 2010,
inclusive, and
$1, 080, 000 Public Building Bonds, Series 1990, dated June
1, 1990 and stated to mature on June 1, 1994
to 2010, inclusive.
2 . That taxes shall be levied in an amount sufficient to pay
the principal of and the interest, on the Refunding Bonds authorized
hereby.
3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
4 . That this order shall take effect upon its adoption.
ORDER AUTHORIZING $8 ,200, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County of
Orange:
1. That, pursuant to The Local Government Bond Act, as
amended, the County of Orange, North Carolina, is hereby authorized
to issue Refunding Bonds in an aggregate principal amount not
exceeding $8 , 200, 000 for the purpose of providing funds, with any
other available funds, for refunding all or a portion of the
following outstanding bonds of said County (including paying
expenses related thereto) :
$4 , 020, 000 Public Building Bonds, Series 1991, dated May
1, 1991 and stated to mature on May 1, 1994 to
2010, inclusive, and
2
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$3 , 255, 000 School Bonds, Series 1991, dated May 1, 1991
and stated to mature on May 1, 1994 to 2010,
inclusive.
2 . That taxes shall be levied in an amount sufficient to pay
the principal of and the interest on the Refunding Bonds authorized
hereby.
3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
4 . That this order shall take effect upon its adoption.
The Board of Commissioners thereupon designated the Finance
Director as the officer whose duty it shall be to make and file
with the Clerk to the Board of Commissioners the sworn statement of
debt of the County which is required by The Local Government Bond
Act, as amended, to be filed after a bond order has been introduced
and before the public hearing thereon.
Thereupon the Finance Director filed with the Clerk to the
Board of Commissioners, in the presence of the Board of
Commissioners, the sworn statement of debt as so required.
Thereupon the order entitled: "ORDER AUTHORIZING $20, 800, 000
REFUNDING BONDS" was. passed on first reading.
Thereupon the order entitled: "ORDER AUTHORIZING $8 ,200, 000
REFUNDING BONDS" was passed on first reading.
On motion duly made, seconded and unanimously carried, the
Board of Commissioners fixed 7 : 30 P.M. , on May 3 , 1993 , at the
Ruritan Building in Cedar Grove Township in Orange County, North
Carolina, as the hour, day and place for the public hearing upon
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the foregoing orders and directed the Clerk to the Board of
Commissioners to publish each of said orders, together with the
appended statement as required by the Local Government Bond Act, as
amended, once in The News of Orange County and The Chapel Hill
Herald not later than the sixth day before said date.
I, Beverly Blythe, Clerk to the Board of Commissioners for the
County of Orange, North Carolina, DO HEREBY CERTIFY that the
foregoing is a true copy of so much of the proceedings of said
Board at a regular meeting held on April 20, 1993 as relates in any
way to the introduction and pasage on first reading of two orders
authorizing bonds of said County and the calling of a public
hearing upon such orders and that said proceedings are recorded in
Minute Book No. g 7 of the minutes of said Board, beginning on page
and ending on page
I DO HEREBY CERTIFY that a schedule of regular meetings of
said Board, in the form attached hereto, has been on file in my
office as of a date not less than seven days before the date of
said meeting in accordance with G. S. §143-318 . 12 .
WITNESS my hand and the corporate seal of said County, this
day of April 1993 .
Clerk to e oard of Commissioners
4
(Revised 1/19/93) APPROVED
ORANGE COUNTY BOARD OF COMMISSIONERS
1993 MEETING SCHEDULE
HILLSBOROUGH CARRBORO
January 4 January 19
February 1 February 16
February 22 (Quarterly P.H. in Superior Courtroom)
March 8 (White Cross School in Bingham Township) March 23
(NACo Legislative Conference in Washington Feb. 27 - March 2)
April 5 (5:30 p.m. ) (Pleasant Green in Eno Township) April 20
May 3 (Raritan Bldg. in Cedar Grove Township) May 18
May 24 (Quarterly P.H. in Superior Courtroom)
May 27 (Budget Presentation in Superior Courtroom)
June 7 (Efland Cheeks Center in Cheeks Township) June 29
June 3 (Budget P.H. in Superior Courtroom)
June 8 (Budget P.H. in Carrboro)
June 14 , 16, 17 (Budget work sessions in Commissioners' Conference Room)
June 21, 23 (if needed) (Budget work sessions at the Homestead Center)
NACo Annual Conference in Chicago July 16 - 20)
August 2 August 17
(NCACC Annual Conference in the Research Triangle Park 12-15)
August 23 (Quarterly P.H. in Superior Courtroom)
September 7 September 21
October 4 October 19
November 1 November 16
November 22 (Quarterly P.H. in Superior Courtroom)
December 6 December 21
December 11 - Goal Setting Retreat - location to be. announced
- OVER -
The meetings in Hillsborough will be held at the Old County Courthouse at 7 : 30
p.m. except for April 5 which will begin at 5 : 30 p.m. )
The meetings in Carrboro will be held in the OWASA Meeting Room on Jones Ferry
Road in Carrboro at 7 : 30 p.m.
All Quarterly Public Hearings will be held in Superior Courtroom in the new
County Courthouse in Hillsborough at 7 : 30 p.m.
All Budget Work Sessions will begin at 7 : 30 p.m.
COUNTY OF ORANGE, NORTH CAROLINA
SWORN STATEMENT OF DEBT MADE PURSUANT
TO THE LOCAL GOVERNMENT BOND ACT, AS AMENDED
I, Kenneth T. Chavious, Finance Director of the County of
Orange, North Carolina, having been designated by the Board of
Commissioners for said County to make and file with the Clerk to
the Board of Commissioners a statement of the debt of said County
pursuant to The Local Government Bond Act, as amended, DO HEREBY
CERTIFY that the following is a true statement as shown by the
books in my office, not taking into consideration any debt incurred
or to be incurred in anticipation of the collection of taxes or
other revenues or in anticipation of the sale of bonds other than
funding and refunding bonds:
(a) GROSS DEBT
a(1) outstanding debt evidenced by bonds:
Sanitary Sewer Bonds $
School Bonds
School Building Bonds
School Bonds, Series 1989
Public Building Bonds,
Series 1989
School Bonds, Series 1990
Public Building Bonds,
Series 1990
Public Building Bonds,
Series 1991
School Bonds, Series 1991 $? ;? ...... .
a (2) Bonds authorized by orders introduced
on April 20, 1993 , but not yet adopted:
Refunding Bonds $20,800, 000
Refunding Bonds 8, 200, 000 $29 , 000, 000
a(3) Unissued bonds authorized by
adopted orders:
School Bonds $30, 000, 000
Water Bonds 1, 000, 000 $31, 000, 000
a(4) Outstanding debt, not evidenced 693,352
by bonds: $
(a) GROSS DEBT, being the sum of a (1) , 90,418,352
a(2) , a(3) and a(4) $
(b) DEDUCTIONS
b(1) Funding and refunding bonds
authorized by orders introduced
but not yet adopted $29 , 000, 000
b(2) Funding and refunding bonds
authorized but not yet issued $ -0-
b(3) The amount of money held in
sinking funds or otherwise for
the payment of any part of the
principal of gross debt other than
debt incurred for water purposes or
sanitary sewer purposes (to the
extent that the bonds are
deductible under G.S. §159-55 (b) ) $ -0-
b(4) Bonded debt included in gross debt
and incurred, or to be incurred,
for water purposes $ 1, 000, 000
b(5) Bonded debt included in gross debt
and incurred, or to be incurred,
for sanitary sewer system purposes
to the extent that said debt is made
deductible by G. S. §159-55 (b) $ -0-
b(6) Uncollected special assessments
heretofore levied for local
improvements for which any part of
the gross debt (that is not
otherwise deducted) was or is to
be incurred to the extent that
such assessments will be applied,
when collected, to the payment of
any part of the gross debt $ -0
b(7) The amount, as estimated by the
Finance Director, of special
assessments to be levied for
local improvements for which any
part of the gross debt (that is not
otherwise deducted) was or is to be
incurred, to the extent that the
special assessments, when collected,
will be applied to the payment of
any part of the gross debt $ -0-
2
(b) DEDUCTIONS, being the sum of b(1) ,
b(2) , b(3) , b(4) , b(5) , b(6) and
b(7) $30, 000 , 000
(c) NET DEBT
(c) NET DEBT, being the difference
between the GROSS DEBT (a) and 60,418, 352
the DEDUCTIONS (b) $
(d) APPRAISED VALUE
(d) APPRAISED VALUE of property subject
to municipal taxation before the
application of any assessment ratio,
being the value fixed in 1992 $ 3:818,673,.367
(e) Percentage which the NET DEBT (c)
bears to the APPRAISED VALUE (d) • 1;58 0
The foregoing statement is true.
Finance Director of the
County of Orange, North Carolina
STATE OF NORTH CAROLINA )
ss. :
COUNTY OF ORANGE )
Subscribed and sworn to before me this 20th day of April
1993 .
Notary Public
My commission expires /1 - 3 U - 9) 5
* * * *
I, Beverly Blythe, Clerk to the Board of Commissioners for the
County of Orange, North Carolina, DO HEREBY CERTIFY that the
foregoing is a true copy of a statement which was filed with me at
a meeting of the Board of Commissioners for said County held on
April 20, 1993 , after the introduction and before the public
3
f{ I
hearing on two orders authorizing bonds of said County, and that
said statement is open to public inspection in my office.
WITNESS my hand and the corporate seal of said County, this
o_M day of April 1993 .
Clerk tithe Board o Commissioners
4
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TO THE PUBLISHER OF THE NEWS OF ORANGE COUNTY:
Please publish the following on April 22 , 1993 after all
blanks have been filled.
ORDER AUTHORIZING $8 , 200, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County
of Orange:
1. That, pursuant to The Local Government Bond Act, as .
amended, the County of Orange, North Carolina, is hereby
authorized to issue Refunding Bonds in an aggregate principal
amount not exceeding $8, 200, 000 for the purpose of providing
funds, with any other available funds, for refunding all or a
portion of the following outstanding bonds of said County
(including paying expenses related thereto) :
$4 , 020, 000 Public Building Bonds, Series 1991, dated May
1, 1991 and stated to mature on May 1, 1994
to 2010, inclusive, and
$3 , 255, 000 School Bonds, Series 1991, dated May 1, 1991
and stated to mature on May 1, 1994 to 2010,
inclusive.
2 . That taxes shall be levied in an amount sufficient to
pay the principal of and the interest on the Refunding Bonds
authorized hereby.
3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
4 . That this order shall take effect upon its adoption.
3
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The foregoing order has been introduced and a sworn
statement of debt has been filed under The Local Government Bond
Act showing the appraised value of the County of Orange to be
$ 3 478 6 73 3'7 and the net debt thereof, including the proposed
bonds, to be $ Si./?7 /.,C'Z- . A tax will be levied to pay the
principal of and interest on the bonds if they are issued.
Anyone who wishes to be heard on the questions of the validity of
the bond order and the advisability of issuing the bonds may
appear at a public hearing or an adjournment thereof to be held
at 7 : 30 P.M. , on May 3 , 1993 , at the Ruritan Building in Cedar
Grove Township in Orange County, North Carolina.
Beverly Blythe
Clerk to the Board of Commissioners
for the County of Orange, North Carolina
4
17
TO THE PUBLISHER OF THE NEWS OF ORANGE COUNTY:
Please publish the following on April 22 , 1993 after all
blanks have been filled.
ORDER AUTHORIZING $20, 800, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County
of Orange:
1. That, pursuant to The Local Government Bond Act, as
amended, the County of Orange, North Carolina, is hereby
authorized to issue Refunding Bonds in an aggregate principal
amount not exceeding $20, 800, 000 for the purpose of providing
funds, with any other available funds, for refunding all or a
portion of the following outstanding bonds of said County
(including paying expenses related thereto) :
$9 , 100, 000 School Bonds, Series 1989 , dated May 1, 1989
and stated to mature on May 1, 1994 to 2009 ,
inclusive,
$1, 100, 000 Public Building Bonds, Series 1989 , dated May
1, 1989 and stated to mature on May 1, 1994
to 2009 , inclusive,
$6, 795, 000 School Bonds, Series 1990, dated June 1, 1990
and stated to mature on June 1, 1994 to 2010,
inclusive, and
$1, 080 , 000 Public Building Bonds, Series 1990, dated
June 1, 1990 and stated to mature on June 1,
1994 to 2010 , inclusive.
2 . That taxes shall be levied in an amount sufficient to
pay the principal of and the interest on the Refunding Bonds
authorized hereby.
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3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
4 . That this order shall take effect upon its adoption.
The foregoing order has been introduced and a sworn
statement of debt has been filed under The Local Government Bond
Act showing the appraised value of the _County of Orange to be
$ . F/' '73 3 .7 and the net debt thereof, including the proposed
bonds, to be $ �d . A tax will be levied to pay the
principal of and interest on the bonds if they are issued.
Anyone who wishes to be heard on the questions of the, validity of
the bond order and the advisability of issuing the bonds may
appear at a public hearing or an adjournment thereof to be held
at 7 : 30 P.M. , on May 3 , 1993 , at the Ruritan Building in Cedar
Grove Township in Orange County, North Carolina.
Beverly Blythe
Clerk to the Board of Commissioners
for the County of Orange, North Carolina
2
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TO THE PUBLISHER OF THE CHAPEL HILL HERALD:
Please publish the following on April 22 , 1993 after all
blanks have been filled.
ORDER AUTHORIZING $20, 800, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County
of Orange:
1. That, pursuant to The Local Government Bond Act, as -
amended, the County of Orange, North Carolina, is hereby
authorized to issue Refunding Bonds in an aggregate principal
amount not exceeding $20,800, 000 for the purpose of providing
funds, with any other available funds, for refunding all or a
portion of the following outstanding bonds of said County
(including paying expenses related thereto) :
$9 , 100,000 School Bonds, Series 1989, dated May 1, 1989
and stated to mature on May 1, 1994 to 2009,
inclusive,
$1, 100, 000 Public Building Bonds, Series 1989, dated May
1, 1989 and stated to mature on May 1, 1994
to 2009, inclusive,
$6,795 , 000 School Bonds, Series 1990, dated June 1, 1990
and stated to mature on June 1, 1994 to 2010,
inclusive, and
$1, 080, 000 Public Building Bonds, Series 1990, dated
June 1, 1990 and stated to mature on June 1,
1994 to 2010, inclusive.
2 . That taxes shall be levied in an amount sufficient to
pay the principal of and the interest on the Refunding Bonds
authorized hereby.
3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
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4 . That this order shall take effect upon its adoption.
The foregoing order has been introduced and a sworn
statement of debt has been filed under The Local Government Bond
Act showing the appraised value of the County of Orange to be
$ 3//7 67f 367 and the net debt thereof, including the proposed
bonds, to be $ (o° 5//i 3rd . A tax will be levied to pay the
principal of and interest on the bonds _if they are issued.
Anyone who wishes to be heard on the questions of the validity of
the bond order and the advisability of issuing the bonds may
appear at a public hearing or an adjournment thereof to be held
at 7 : 30 P.M. , on May 3 , 1993 , at the Ruritan Building in Cedar
Grove Township in Orange County, North Carolina.
Beverly Blythe
Clerk to the Board of Commissioners
for the County of Orange, North Carolina
21
TO THE PUBLISHER OF THE CHAPEL HILL HERALD:
Please publish the following on April 22 , 1993 after all
blanks have been filled.
ORDER AUTHORIZING $8,200, 000
REFUNDING BONDS
BE IT ORDERED by the Board of Commissioners for the County
of Orange:
1. That, pursuant to The Local Government Bond Act, as
amended, the County of Orange, North Carolina, is hereby
authorized to issue Refunding Bonds in an aggregate principal
amount not exceeding $8, 200, 000 for the purpose of providing
funds, with any other ,available funds, for refunding all or a
portion of the following outstanding bonds of said County
(including paying expenses related thereto) :
$4 , 020, 000 Public Building Bonds, Series 1991, dated May
1, 1991 and stated to mature on May 1, 1994
to 2010, inclusive, and
$3 , 255, 000 School Bonds, Series 1991, dated May 1, 1991
and stated to mature on May 1, 1994 to 2010,
inclusive.
2 . That taxes shall be levied in an amount sufficient to
pay the principal of and the interest on the Refunding Bonds
authorized hereby.
3 . That a sworn statement of the debt of said County has
been filed with the Clerk to the Board of Commissioners for said
County and is open to public inspection.
4 . That this order shall take effect upon its adoption.
The foregoing order has been introduced and a sworn
statement of debt has been filed under The Local Government Bond
Act showing the appraised value of the County of Orange to be
22
$ 3�1b?(v73� 367 and the net debt thereof, including the proposed
bonds, to be $ ° ' f$ . A tax will be levied to pay the
principal of and interest on the bonds if they are issued.
Anyone who wishes to be heard on the questions of the validity of
the bond order and the advisability of issuing the bonds may
appear at a public hearing or an adjournment thereof to be held
at 7 : 30 P.M. , on May 3 , 1993 , at the Ruritan Building in Cedar _
Grove Township in Orange County, North Carolina.
Beverly Blythe
Clerk to the Board of Commissioners
for the County of Orange, North Carolina