HomeMy WebLinkAboutRES-2024-037-Resolution approving referendum details RES -2024 - 037 � L0 - �, aq
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Attachment 2
Resolution approving referendum details
WHEREAS , there has been adopted at this meeting a bond order entitled
as follows :
Bond Order Authorizing the Issuance of Orange County
General Obligation School Bonds in the Maximum
Amount of $ 300 , 000 , 000 , Subject To Voter Approval
AND WHEREAS , this bond order is to take effect when approved by the
voters ;
AND WHEREAS , the General Statutes require certain additional actions
to complete the process of authorizing the bonds and the bond referendum ;
BE IT THEREFORE RESOLVED by the Board of Commissioners of
Orange County, North Carolina, as follows :
1 . The Clerk to this Board is directed to publish a notice of the
adoption of this 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.
2 . The Bond Order will be subject to a bond referendum to be held
within the County on November 5 , 20249
3 . The Board requests that the Orange County Board of Elections
conduct the referendum in the manner provided for by law.
4 . The ballot question will be in substantially the following form :
Orange County School Bonds
(For Orange County Schools and Chapel Hill - Carrboro City Schools )
Additional property taxes may be levied on property located in Orange County
in an amount sufficient to pay the principal of and interest on bonds if approved
by the following ballot question .
Shall the order authorizing $ 300 , 000 , 000 bonds plus interest to pay capital
costs of providing school facilities and paying related costs and providing that
additional taxes may be levied in an amount sufficient to pay the principal of
and interest on the bonds, as adopted by the County ' s Board of Commissioners
on June 18 , 2024, be approved, in light of the following :
( 1 ) The estimated cumulative cost over the life of the bond, using the highest
interest rate charged for similar debt over the last 20 years , would be
$ 480 , 360 , 000 .
( 2 ) The estimated amount of property tax liability increase for each one
hundred thousand dollars ( $ 100 , 000 ) of property tax value to service the
cumulative cost over the life of the bond provided above would be $ 34 . 10 per
year.
[ ] YES [ ] NO
5 . The Board directs the Clerk to this Board to transmit a certified
copy of this resolution to the Orange County Board of Elections within three
days after today.
6 . The Board directs the Clerk to this Board to publish notice of the
bond referendum as required by Section 159 - 61 of the General Statutes .