HomeMy WebLinkAboutAgenda - 11-19-2001 - 8bORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Dale: November 19, 2001
Action Agenda
Item NO. $-~t
SUBJECT: Dedarafion of Bond Referentlum Results antl Reimbursement Reaclufions
DEPARTMENT: Finance PUBLIC HEARING: (YIN) No
ATTACHMENT(S): INFORMATION CONTACT:
Ken Chavious. en. 2453 -
Resolution Certifying antl Approving
Election Results TELEPHONE NUMBERS:
Statement of Referentlum Results Hillsborough 732.8181
Reimbursement Resolutions Chapel HIII 9684681
Durham 668-7331
Mebane 338-227-2831
PURPOSE: To officially accept the repoH of the Boertl of Elections regarding the results of the
November 8, 2001 Bond Referendum, antl to atlppt reimbursement resolutions authorizing the
County to reimburse iNeBfor bontl proles! expenditures incurretl prior tc the actual sale of
bontls.
BACKGROUND: The Boats of Elections met on Friday, November 9, 2001 for the purppee of
evitlencing the canvass of the returns of the November 6, 2001 bontl referentlum and ofkcially
determihing the resuts thereof. Approval of fhe declaration of results is anmher requiretl step in
the bontl referentlum process. The necessary documeMS have been prepared by Bontl
Counsel.
In peat bond referentlums, there were occasions in which the approved projects incurred
expenditures prior to the actual sale of the authodzetl bonds. In these instances, the BOCC
had adopted reimbursement resolutions which authorizetl the County [o provitle the footling up
front antl reimburse i[seNfrom bond proceeds. The sale of bontls and receipt of proceetls lakes
approximately 120 tlays. This process involves a signi6rant amount of interaction between
County staff, Bontl Counsel antl the Local Government Commission as well as signi8cam bond
Issuance mats. These factors are present regaNless of the ampunt of bontls soltl. Because of
the fimefmmes antl costa. k is in the County's best Interest to schedule bontl sales only when
signiBCeM amounts of funtlsare nestled for the projects involved or b take atlvan[age of
mallet mntligons. Reimbursement resolutions would allow the Count' to proceetl wkh planned
pmjeQS while provWing Bexibiltty on [he schetluling of bond sales. The regulations of the
Intemel Revenue Service require the governing boartl [o atlopt resolutions slating its intent to
reimburse Itself with bontl proceetls for capital project expenses incurretl wkh local funtls. Bontl
Counsel has peparetl Ne required remlu[ions far each of the four approved purposes. The
opportunities providetl by the reimbursement resolutions shoultl be mnsidared as an additional
tool available Yo the County, antl exercising them will be at the BOCC's discretion when timing
antl fnanciel conditions dictate.
FINANCU\L IMPACT: There is no immediate fiscal impact associetetl with these required
actions. However; appropriations for tleb[service payments will be necessary once the bonds
ere sold. The amount of bontle wltl antl the interest retes at the time of the sale willdetermine
the approPdations requlretl.
RECOMMENDATION(S): The Manager recommentls [hat the BoaN adopt resolutions
cetlifying the referentlum results, au[hotlze the Clerk tc publish the results, and atlopt the four
reimbursement resolutions.
RESOLllTION CERTIFYING AN1) APPROVING RESULTS OF
BOND REFERENDA FOR ORANGE COUNTY
WHEREAS, the Orange County Roard of Elections has certified the
following results of the bond referenda held in and for Orange CounTy on
November 6, 2001, ae follows:
On the question, "Shall fhe order authorizing up m $47,000,000 of Orange
Cowry general obligation bonds to pay capital costs of providing school facilities
and paying related costs, as adopted by the County's Board of Commissioners on
September 4, 2001, be approved?"
YES 11,868
NO 8,179
On the question, "Shall the order authorizing up to $20,000,000 of
Orange County general obligation bonds to pay capital costs of providng parks,
open space and recreational facilities and paying related costs, as adopted by the
County's Board of Commssioners on September 4, 2001, be approved7"
YES 10,915
NO 8,988
On the queslioq "Shall the order authorizing up to $4,000,000 of
lhange County general obligation bonds to pay capital costs of providing senior
centers and paying related costa, as adopted by the County's Board of
Commissioners on September 4, 2001, be approved"
YE.4 10,762
NO 9,080
BoadBCSUhsResAtt1119
On the question, "Shall the order authorising up to $4,000,000 of
Orange County general obligation bonds to pay capital costs of providing housing
for Ov benefit o[pcrsans of low and moderate incomeand paying related costs, vs
adopted by the County's Boats of Commissioners on September 4,. 2001, be
approvedl"
YES 10,641
NO 9,483
and it Ihere[ore appearing that a majority of voters voting in referendum
called for such purpose have approved theissuance of all of such bonds,
EE IT THEREFORE RESOLVED by the Board oL Commissioners
of Orange County, North Cazolina, shat the Board certifies and approves such
readts and declazea the issuance of such bonds m be authorized; and,
EE IT F(IRTHER RESOLVED that the Clerk [o this Board is
authorized and directed to publish promDtlY a statement of such results in the Farm
prescribed by slamte,
BoMResultsReaA¢Ill9
STAT6MF.NT OF EERENDA
The Orange County Hoard of Elecliona has certified the following results of the.
bond referenda held in and Por Orange County, on November 6, 2001, as follows:
On the question, "Shall the order auWoriz'"Y up to $47,OOg000 of Orange
County general obligation bonds to pay capital casts of providing school facilities
and paying related costs, as adopted by the County's Board of Commissioners w
September 4, 2001, be approved?"
YES 11,868
YO 8,179
On the quesfiov, "Shall the order authorizing up to $20,000,000 oC
Orange Cowry general obligation bonds to pay capital costs of providing parks,
open space and recreational facilites and paying celazed costs, as adoptedby the
County's Board Of Commissioners on September 4, 2001, be approved?"
YES 10,915
NO 8,986
On the question, "Shall [he order authorizing up to $4,000,000 o£Orange
County general obligation bonds to pay capital costs of providing scnier centers
and paying related costs, as adopted by the County's Board of Commissioners on
September 4, 2001, be approved?"
YES 10,762
NO 9,080
BondResultsResAn1119
On the question, "Shall the order authorizing up to $4,000,000 of @ange
County gevera] obligation bands to pay capital costs of providing housing far the
benefit of peraon6 of ]ow and moderate income and paying related costs, as
adpptod by the County's Board of Commissioners on September 4, 2001, ba
approved7"
YES 10,441
so v,4ez
I'he Orange County Board of Commissioners has ceriiFed and approved
such results and declared the issuance of such bonds to have bee¢ authorized.
A¢y action or proceeding challenging the regularity or validity of any of
these bond referendum must be begw within thirty days after
which is the date of this publication.
Beverly A. Blythe
Clerk, Board of Commissioners
Orange County, North Caroliva
Boad2esWtaRreAn1120
ORANGE COti NTY SCBOOL PRO, T
WHEREAS, the Manager and Fivance Officer have described to the
Board the desirability of adopting a resolution, as provided uvder federal tax law,
to fazilitate the ardt's using financing proceeds to restore the uniPs funds when the
Cowly makes capital expenditures prior to closing on a bond issue or other
financing.
BE IT RESOLVED by [he Board of Commissioners of Orange County,
North Cazolina, as follows:
Secti°° 1. The project is providing school facilities for Oravge
County.
Sec~nn 22 The project is ro be financed. The currently expected
type of financing (which is subject to change) ie County general obligation bonds.
The currently expected maximum amount of bonds or other obligations to be
issued or contracted for [he project is $47,000,000.
Sectlnn 3. Funds that have been advauced, or may be advanced,
from the County's General Fund, for project costs aze intended to be reimbursed
from the finaming proceeds.
Section A. 'the adoplion of this resolution is intended as a
declaration oL this County's official intent m reimburse project expendilmes from
lmavcing proceeds.
BovtlResuheResAalll9
REIMBURSEMENT RESOLUTION -
ORANGE000NTYPARKS,RECREATION
AND OPEN SPACE PRO.IECT
WI~REAS, the Manager and Finance Officer have described t0 the
Board the desirability Of adopting a resolution, as provided under Federal tax law,
to facilitate the County's using financing proceeds to restore the County's funds
when the County makes capital exprnditures prior to closing on a bond issue or
other financing.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as the gOVeming lioazd of Orange CounTy, as follows:
action 1. The project is providing pazks, open space and
recreational facilities for Orange County.
Sectio The project is [o be financed The currently expected
type of financing (which is subject to ohange) is County general obligativv bvvde.
The currently expected maximum amount of bonds or other obligations [v be
issued or conhacted for the project is $20,000,000.
Section Funds that have been advanced, or may be advanced,
from the Com[y+s General klmd, for project costs are intended to be reimbursed
from the fhtancing pmoeeds.
ScgppIl_d The adoption of this resolution is intended as a
declaration of Mils County's official intent to reimburse project expenditures from
financing proceeds.
BovdResvltsRUAU1119
REIMBURSEMENT RESOLUTTON --
ORANGECOUNTYSENIORCENTER6PR0 (T
WHEREAS, the Manager and Finance Officer have described to the
Boazd the desirability of adopting a resolution, as provided uvder federal fax ]aw,
to facilitate the County's using Cmancmg proceeds to restore [he County's fuvds
when the County makes capital expenditures prior m dosing on a bond issue or
other financing.
BE IT RESOLVED by the Hoard of Commissioners of Orange County,
North Carolina, as the governing board ofOrmrge Couvty, as follows:
Sa[ion 1. The project is providing senior centers for Orange
County.
C tivn The project is to be financed. The currently expected
type oC financing (which ie avbjeU to cheuge) ie County general obligation bovds.
The currently expected maximum amount of bonds or other obligations to be
issued or contracted for Ne project is $4,000,000.
6 tin Funda that have been advanced, or may be advanced,
from the Cvunty's General Fuvd, Cor project costs are intended iq be reimbursed
fiom the financing proceeds.
9ec~o~ The edopfion of this resolution is ivtcnded as a
dcclam[ion of [lils County's of5cial intent m reimburse project expendimres from
financing proceeds.
Rm~dAesultSResAtt11r9
REIMBURSEMENTRESOLUTION-
ORANGE COUNTY LOw AND MODERATE
INCOME HOHS7NG PROJECT
WHEREAS, the Manager and Finance Officer have described to the
Board the desirability of adoptine a resolution, as provided under federal tax law,
to faclfitate the County's usivg financing proceeds to [estore the County's funds
when the Couvry makes capital expendimns prior 5o closing an a bond issue or
other &nancing.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as the governing board oFOmnge County, as follows:
don 1. The project is providing housing far the be¢efit of
pemo¢s oflaw end moderate income for Orange County.
Sec' 7Le project is to be financed. The currently expected
type of financing (which is subject to change) is County general obligation bonds.
The cu¢ently expected maximum amount of bonds or other obligations to be
issued or contracted for fhe project is $4,000,000.
action 3. Funds that have been advanced, or may be advanced,
from the County's Genemt Pmtd, for projcct costs are intended to be reimbursed
from the Financing proceeds.
don 4. The adoption of this resolution is intended as a
dedazado¢ of this County's official intent [o reimburse project expe¢ditures from
financing proceeds.
BaMReealteResAUD l9