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Home My WebLink AboutRES-2017-032 Resolution setting public hearing and authorizing filing of debt statement Fe_ RES-2017-032 Resolution setting public hearing and authorizing filing of debt statement WHEREAS,there has been introduced at this meeting a bond order entitled as follows: BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SCHOOL BONDS IN THE MAXIMUM AMOUNT OF$5,900,000 AND WHEREAS, Section 159-57 of the General Statutes requires that a public hearing be held on the bond order prior to its adoption, Section 1S9-56 of the General Statutes requires publication of a notice of the hearing,and Section 159-55 of the General Statutes requires the filing of a statement of the County's debt with the Clerk to the Board prior to the public hearing; BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, (1) that a public hearing on the bond order will be held at 7:00 p.m. (or as soon thereafter as the matter may be heard) on June 20, 2017 in the Board's regular meeting room, Southern Human Services Center, Chapel Hill, North Carolina,and (2) that the Clerk to this Board is directed to publish a notice of the public hearing, in the form provided for in Section 159-56 of the General Statutes, one time, not less than six days prior to the hearing date, in a newspaper having general circulation in the County; AND BE IT FURTHER RESOLVED that the County's Finance Officer is directed to prepare and file, prior to the publication of the notice of public hearing, a sworn statement of the County's net debt in the form prescribed by statute. NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commission s Pi at this resolution is effective u n approval. Upon motion of Commissioner seconded y Commissioner IJ the foregoing resolution was adopted this the &dayof , -A&V 17. 1, DonrQ S. Baker, Clerk to the Board of Commissioners for the County of Orange, North Carolina, DO HEREBY CERTIFY that the for oing is a true copy of so much of the proceedings of said Board at a meeting held on 6k4, M2 . 2017, as relates in any way to the adoption of the foregoing and that said proceedi s are recorded in Minute Book No. of the minutes of said Board. WITNESS my hand and the seal of said County,the /-7 day of 2017. Donna S.Baker 17 � Clerk to the Board SE L *" rf� (gate�� Statement of Estimated Interest The undersigned Finance Officer for Orange County, North Carolina, states as follows: 1. In my role as Finance Officer I am filing this Statement of Estimated Interest with respect to County General Obligation School Bonds to be authorized by a Bond Order to be considered by the County Board of Commissioners on June 20, 2017. I am making this Statement in accordance with the requirements of Section 159-55(b) of the North Carolina General Statutes. 2. I have assumed that the amount of bonds will be $5,900,000, that the bonds will be issued with a 20-year term and a level-principal amortization, and that the average annual interest rate will 4.00%. 3. Based on the assumptions stated in Section 2, I estimate that the total amount of interest that will be paid on the bonds for the proposed purpose, over the expected term of the bonds if issued, is $2,478,000. This estimate is preliminary, is for general informational purposes only, and may differ from the actual interest paid on the bonds. WITNESS my signature this 17th day of May, 2017. Gar Donaldson Finance Officer Orange County, North Carolina The undersigned Clerk of the Board of Commissioner of Orange County, North Carolina, certifies that the foregoing is a true copy of a statement of estimated interest that was filed with me on May 17, 2017, and that this statement is open to public inspection in my office. WITNESS my signature this day of 2017. Donna S. Baker Clerk, Board of Commissioners Orange County, North Carolina i 7 sz �rt� (dxti4�,�� SWORN STATEMENT OF DEBT For Orange County, North Carolina I, Gary Donaldson, being first duly sworn, do hereby state that I am the Finance Officer for Orange County, North Carolina, that I have been designated by the Board of Commissioners of Orange County, North Carolina, to make and file with the Clerk of such Board of Commissioners a sworn statement of debt, and that the following is the statement of debt for Orange County, North Carolina, as shown by the books in my office, prepared in accordance with, and made pursuant to the requirements of, Section 159-55 of the North Carolina General Statutes. A. Gross Debt 1. Outstanding debt evidenced by bonds: Purpose Amount ($1 Total $59,280,000 2. Bonds authorized by orders introduced but not yet adopted: Purpose Amount 01 Total $5,900,000 3. Unissued bonds authorized by adopted orders: Total $125,000,000 4. Outstanding debt not evidenced by bonds: Purpose Amount f$1 Total $118,995,610 Total Gross Debt (sum of 1 through 4) $309,17S.6110 B. Deductions from Gross Debt 1. Funding and refunding bonds $0 authorized by orders introduced but not yet adopted ('funding bonds" are bonds issued to provide money to pay a pre-existing obligation, such as a judgment againstyou in a lawsuit) 2. Funding and refunding bonds $ 0 authorized but not yet issued. 3. Amounts held in sinking $ 0 funds or otherwise for the payment of any part of the principal of gross debt, other than debt incurred for water, gas, electric light or power purposes or sanitary sewer purposes (to the extent deductible under Section 159-55(b) of the General Statutes), or two or more of these purposes. 4. Bonded debt included in $ gross debt and incurred, or to be incurred, for water, gas or electric light or power purposes, or any two or more of such purposes. S. Bonded debt included in $ 0 gross debt and incurred, or to be incurred, for sanitary sewer purposes (to the extent deductible under Section 159-55(b) of the General Statutes). 6. Uncollected special $ 0 assessments levied for local improvements for which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be applied, when collected, to the payment of any part of the gross debt. 7. Estimate of special $ 0 assessments to be levied for local improvements for which any part of gross debt (that is not otherwise deducted) was or is to be incurred, to the extent that the special assessments will be applied, when collected, to the payment of any part of the gross debt. Total deductions (Sum of 1 through 7) $0 C. Net Debt, being the $309,175,610 difference between Total Gross Debt(A) and Total Deductions (B). The undersigned Orange County Tax Assessor certifies that the assessed value last fixed for taxation in Orange County, North Carolina, as revealed by County tax records (before the application of any assessment ratio), is $16,778,182,392. WITNESS my signature this 17th day of May, 2017. Printed name: Dwane Brinson Tax Assessor Orange County, North Carolina The undersigned Clerk of the Board of Commissioners of Orange County, North Carolina, certifies that the foregoing is a true copy of a statement which was filed with me on k�% 1 Za 2017, after the introduction of, and before the public hearing on, an order authorizing school bonds of Orange County, North Carolina, and that said statement is open to public inspection in my office. Donna S. Baker * Clerk, Board of Commissioners 17 5Z Orange County, North Carolina Qr}�l C°Iazo�ti*`�