HomeMy WebLinkAboutAgenda - 11-16-1993 - VI-A 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No V -A
ACTION AGENDA ITEM ABSTRACT
Meeting Date: November 16, 1993
SUBJECT: Community Activity Corporation (Swimming Pool) Revenue Bonds
DEPARTMENT County Manager/Attorney PUBLIC HEARING YES X NO
ATTACHMENT(S) INFORMATION CONTACT
Public Hearing Notice Rod Visser, ext 2300
Geof Gledhill, 732-2196
TELEPHONE NUMBER
Hillsborough 732-8181
Chapel Hill 968-4501
Mebane 227-2031
Durham 688-7331
PURPOSE: To conduct a public hearing on the proposed issuance of
Orange County Community Activity Corporation revenue bonds.
BACKGROUND: At the October 4, 1993 meeting, the Board of Commissioners
approved the County' s participation in a "63-20" financing arrangement
whereby the Orange County Community Activity Corporation (previously
known as the Triangle Youth Hockey Association) would issue bonds, in
an amount not to exceed $8.5 million, for the construction of a
swimming pool/ice rink facility at the Meadowlands. The debt thus
created is an obligation strictly of the Corporation. The County is in
no way incurring debt or pledging its faith and credit or taxing power
for the repayment of the bonds.
Because "63-20" financing under the Internal Revenue Service Code
permits the sale of bonds as tax-exempt instruments which will benefit
a non-governmental agency, the County is required to hold a public
hearing on the matter under provisions of the federal 1986 Tax Equity
and Fiscal Responsibility Act (TEFRA) . The County Attorney has caused
the publication of the required public hearing notice. The only
procedural acts that the Board of Commissioners must take are to open
the public hearing, to receive citizen comments about the issuance of
the proposed bonds, and to close the public hearing.
RECOMMENDATION: The Manager recommends that the Board conduct the
public hearing.
NOV-09-1993 12:57 FROM COLEMAN GLEDH ILL HARGRAVE TO LINK:BL`r'THE P.02
li
NOTICE O i MM CONCERNING jHR ISW N1 OF
,4,N Morn.NOT TO EXC
118,400,000
ORANgE Comn coiwuN'Acnvr'1'Y Conrcataturet
Cow(�RnvEanuE BoNns, SERIIts 1993A e s 1993B
' IC/TICS 1S Milltrtgit SEVEN that on the 16th dap of November, 1993 at l:3O p.m. in the
OWASA Operation Ceti, 4 O J Petry Road, Carrboro, North Carolina, a public hearing will be
conducted Ebro die Board o, Cot is of the County of Orange, North Carolina(the 'County")
concerning the approval of t1.e 66ulana0 by the Orange County Community ,Activity Corporation(the
"Corporation.")of an amount not to exceed$8,500,000 of the Corporation's Corn :amity Center Revenue
Bow, Series 1993A and Series 1993E(the 'Bowls")issued for the purpose of provkiiag moneys with
which to acquire, construct, 'astall and equip faei ities consiati rig of an ice hockey rink and swimming
Pool(the "Project")located OR an approximately 60-ao re parcel of land at the tare don of I.T.S. 70-A
and Meadowlands Drive east of the Town of Hillsborough in the County in the 110-acre known as
t y^ 'eaxiowla1K1s .
TRW SODA, WBH�1 A
DS AND IP ISSUED, AND THE nimaissr THEREON AVE NOT ORiloATTON•S,
amanita, on SPA, D15BT pR LIAE1L1TY OP T= COUNTY, THE STATE OP NORTH CAROLINA ME
"StAT.2")O OP ANY P LTITCAL SZRDNISION ThE REOF wrilliN Mg MBANl34G OP ANY CONS awrirOTIONAL
OR STATUTORY PROVISIONS aniursonvint,AND NEITHER.THE MTH AND c a rr NOR TEE TIMM POWER
OP TIM COUNTY. THE STATS)OK ANY PoLflICAL sonomatON THUMP IS PLEDGED TO TUE PAYMENT
OF 11O3 PAZ OF OK INTSREST ON THE BONS.
Any parties axe invited to present-comments at the pubile hearing ceding the issuance
of the Souls cc the Project financed l tre y.
110 0.1) CF C.omansmatens OF mg COY O
OWINGS,NORTH CAROLINA
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