HomeMy WebLinkAboutAgenda - 06-25-2001-7aORANGE COUNTY
BOARD OF GOMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: June 25, 2001
Action Agenda
Item No.~
SUBJECT: Public Hearing on the Issuance of Refunding Bonds and Adoption of Refunding
Bond Orders
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) es
ATTACHMENT(S): INFORMATION CONTACT:
Bond Order for Adoption Ken Chavious, ext 2453
Notice of Adoption of Bond Order
Resolution for Bond Order Publication TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 968-4501
Durham 688-7331
Mebane 336-227-2031
PURPOSE: To conduct the required public hearing on the advisability of issuing refunding
bonds and to adopt the bond order authorizing the issuance of refunding bonds if the Board so
desires.
BACKGROUND: On June 12, 2001, the Board introduced the attached bond order in
consideration of pursuing the refunding of a portion of the bonds approved by the voters in
November of 1992 and issued by the County in July of 1994. In addition, the Board established
June 25, 2001 as the public hearing date to receive public comment on the advisability of the
proposed refunding. The public hearing notice has been published as required and all other
procedural steps have taken place in accordance with Local Government Commission and
statutory regulations. In order to proceed with the refunding process, the Board is required to
take action to adopt and publish the Bond order. This action can only occur after public
comment on the refunding proposal.
FINANCIAL IMPACT: There is no immediate fiscal impact. However, once the refunding is
complete, the County would realize estimated annual savings of $50,000 on debt payments.
RECOMMENDATION(S): The Manager recommends that the Board conduct the Public
Hearing and adopt the bond order and the resolution for bond order publication.
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Bond Ordex for Adoption
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL
OSLTGATTON REFUNDING BONDS TN THE MAXIMUM AMOUNT
OF $24,000,000
WHEREAS --
Orange County, North Carolina {the "County"), has previously issued its
general obligation School Bonds, Series 1994 (the "1994 Bonds"). Based on the
current state of the municipal bond market, the County has determined that a
refinancing of a portion of the outstanding balance of the 1994 Bonds would
provide savings to the County.
The County has applied to the North Carolina Local Government
Commission for its approval of the issuance of County refunding bonds to carry
out the refinancing of the 1994 Bonds. The Commission has accepted the
County's application.
BE IT ORDERED by the Board of Commissioners of Orange County,
North Carolina, as follows:
1. There are hereby ordered to be issued general obligation refunding
bonds of the County to provide for the refinancing of a portion of the outstanding
balance of the 1994 Bonds, including paying related financing costs and other
necessary or incidental costs.
2. The maximum aggregate principal amount of the bonds issued for
such purpose will be $24,000,000:
3. Taxes will be levied in an amount suff cient to pay the principal of
and interest on the bonds so issued.
4. A sworn statement of debt prepared by the County's Finance Officer
has been filed with the Clerk to this Board. and is available for public inspection.
5. This Bond Order takes effect immediately.
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Orange County Refunding Bonds -- Notice of Adont~on.of Bond Orders
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT
OF $24,000,000
WHEREAS --
Orange County, North Carolina (the "County"), has previously issued its
general obligation School Bonds,' Series 1994 (the "1994 Bonds"). Based on the
current state of the municipal bond market, the County has determined that a
refinancing of a portion of the outstanding balance of the 1994 Bonds would
provide savings to the County.
The County has applied to the North Carolina Local Government
Commission for its approval of the issuance of County refunding bonds to carry
out the refinancing of the 1994 Bonds. The Commission has accepted the
County's application.
BE IT ORDERED by the Board of Commissioners of Orange County,
North Carolina, as follows:
1. There are hereby ordered to be issued general obligation refunding
bonds of the County to provide for the refinancing of a portion of the outstanding
balance of the 1994 Bonds, including paying related financing costs and other
necessary or incidental costs.
2. The maximum aggregate principal amount of the bonds issued for
such purpose will be $24,000,000.
3. Taxes will be levied in an amount sufficient to pay the principal of
and interest on the bonds so issued.
4. A sworn statement of debt prepared by the County's Finance Officer
has been filed with the Clerk to this Board and is available for public inspection.
S. This Bond Order takes effect immediately.
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The foregoing order was adopted by the Orange County Board of
Commissioners on the 2Sth day of June, 2001, and is hereby ,published this
day of June, 2001. Any action or proceeding questioning the validity of the order
must be begun within 30 days after the date of publication of this notice.
By order of the Board of Commissioners.
Beverly A. Blythe
Clerk, Board of Commissioners
Orange County, North Carolina
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Resolution regarding uublication of Sond Order
WHEREAS, there has been adopted at this meeting a bond order entitled as
follows:
BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS IN THE MAXIMUM
AMOUNT OF $24,000,000;
AND WHEREAS, the General Statutes require publication of a notice of
the adoption of the bond order;
BE IT THEREFORE RESOLVED by the Board of Commissioners of
Orange County, North Carolina, that the Clerk to this Board is hereby authorized
and directed to publish a notice of the adoption of such Bond Order, in the form
provided for in Section 159-58 of the General Statutes, one time in a newspaper
having general circulation in the County.
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