HomeMy WebLinkAboutRES-2017-026 Resolution Stating Intent To Proceed with a General Obligation rrF 5_-a-art
s�REs-ZO i 7-026
Resolution Stating Intent To Proceed with a General Obligation
Bond Issue for Orange County, North Carolina
WHEREAS--
The County's long-range capital improvement plan contemplates funding for a wide
variety of projects, and calls for funding those projects using the multiple tools available to
the County. Staff has suggested that the Board of Commissioners proceed with the issuance
of County general obligation bonds to provide funds for the renovation and improvement
of school facilities. These improvements will be made in both the Chapel Hill - Carrboro
school system and the Orange County school system.
The County expects to be able to issue approximately $5,900,000 general obligation
bonds to provide funds for this project. These bonds would be issued under the provisions
of law that allow the County to issue general obligation bonds to the extent of two-thirds of
the amount the County paid down its debt in the prior fiscal year.
Under the guidelines of the North Carolina Local Government Commission, this
governing body must make certain findings of fact to support the County's application for
the LGC's required approval of the County's proposed two-thirds bonds. In this resolution,
the Board of Commissioners makes the appropriate findings, and takes other appropriate
action.
BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County,
North Carolina, that the Board makes an initial determination to issue approximately
$5,900,000 general obligation school bonds for renovation and improvement of school
facilities. The Board will determine the final amount of bonds to be issued by a later
resolution. The total amount financed may reflect adjustment to the expected project costs
and may include amounts for financing costs.
BE IT FURTHER RESOLVED that the Board makes the following findings of fact in
support of its determination:
(1) The proposed capital projects are necessary and expedient for the County.
(2) The amount of bonds proposed is adequate and not excessive for the
proposed purpose.
(3) The County's debt management and budgetary and fiscal management
policies have been carried out consistently in accordance with the law.
(4) The Board believes that no actual increase in the County's property tax rate
will be necessary to provide for principal and interest payments on the bonds. The Board
expects that existing revenue sources allocated for debt service payments will be sufficient
to generate funds for debt payments
BE IT FURTHER RESOLVED, as follows:
(a) The Board directs the Finance Officer to proceed with the steps for the bond
issue, including proceeding with an application to the LGC for its approval of the proposed
bonds. The Board appoints the Finance Officer as the County's authorized representative
with respect to the LGC application process.
(b) The Board authorizes all County representatives to take all further action as
they may consider desirable for accomplishing the purposes and intentions of this
resolution. The Board ratifies all prior actions of County representatives in this regard. This
resolution takes effect immediately.
(c) The County intends that the adoption of this resolution will be a declaration of
the County's official intent to reimburse project expenditures from financing proceeds. The
County intends that funds that have been advanced for project costs, or which may be so
advanced, from the County's general fund, the school capital fund, or any other County
fund, may be reimbursed from the financing proceeds.
(d) This resolution takes effect immediately
NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners
hat th' resolution is effective upon app oval. Upon motion of Commissioner
seconded by Commissioner � the foregoing resolution was
adopt d this the 2nd day of May, 2017.
1, Donna S. Baker, 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 meeting held on May 2, 2017, as relates
in any way to the adoption of the foregoing and that said proceedings are recorded
in Minute Book No. of the minutes of said Board.
WITNESS my hand and the seal of said County,the 3rd day of May, 2017.
t Donna S. Bak
17 Clerk to the Board
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