HomeMy WebLinkAboutAgenda - 11-16-1993 - VI-A (2) 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No
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 12:5? FROM COLEMAN GLEDHILL HHRGRAVE TO LINK BL`r'THE P.02
r
NOTICE OP 1"E.1B�YG RF CoNCRRN1NG THR"worm[m oe
AN MOM NOT't0 EXCento
$8,500,000 •
IRAN * COUNTY CoMMUKTY AGTnvrTY C Of A'reorT
Come Reversion Bow, Same 1993A AND SERIES 1993E
Nona is mat GIVEN that on the 16th day of November, 1993 at 7;30 p.m. in the
OWASA Operation Center, Jones Ferry Road, Carrboto, North Cara, a public hearing�Swi1I be
conducted gore the Board Coieai n ex of the County of Otango, North Carolina(the 'County")
concerning the approval of the issuance by the Orange County Community Activity Corporation(the
"Corporation")of an azncxint rt to exceed$8,500,000 of the'Corporation's Community Center Revenue
Bonds, Series 1993A and Series 1993E(the "Bonds")issued for the purpose of providing moneys with
which to ac ire, construct, ikistall and equip facilities conshaing of an ice hockey y rink and swimming
pool(the "Project')located oii an appreahoately 60-are parcel of land at the ikon of U.S. 70-A
end Meadowlands�gd��@Drive cast ,mf the Town of Hi€isborough in the County in the 110-nacre p�known as
�'•
the to*Y�lands"
1BR Bottns, WHEN 'AND IP IS.SU ), AND THE INTERIM' THERHON ARE NOT ORLIGAfIONS,
OBNIIRAL OR SP. AL, DEBT p LIABILITY OP THE COUNTY, THE STATE OP NORTH CAROLINA ('rte
'Sue ?")CJ9I'.OP ANY POLTIHCAL SUBDIVISION TT3 OF*nal Tim ua N)No OP ANY CONSTm'Y"t>noriAL
OR STATUTORY MOvIEBOPLS WRATSOBVRK,AND NJ]TIIER THE PArril AND OXEDIT NOR THE TAZHG pow8i.
cw THE CObliry, TIM STATE)Olt ANY POI.I'tlt:AL $U'BDIViatON TERIREOF LS PLC TO TIM PAYMENT
OF TBE SAL OF OR INTERNET ON THE BOND'S.
Any mteaeated petties ere invited to present to at the public hearing m ega�ng the issuance
of the Bonds or the Project&lanced thecoby,
•
Pomo ow CO IL OR THE CotaVry gP'
OitAI ►ENO .TR CEl UNA
Clerk to .∎ Board .
.-''::