HomeMy WebLinkAboutAgenda - 10-21-2008 - 5aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 21, 2008
Action Agenda
Item No. 5-Q
SUBJECT: Public Hearing on the Local Government Commission Action Approving an
Extension of Time for the 2001 Authorization to Issue Parks, Recreation and
Open Space Bonds
DEPARTMENT: Finance
PUBLIC HEARING: (Y/N) Y~]
ATTACHMENT(S):
INFORMATION CONTACT:
Gary Humphreys, 919-245-2453
Robert Jessup, 919-755-1800
PURPOSE: To conduct a Public Hearing on the Local Government Commission action
approving an extension of time for the 2001 Authorization to issue Parks, Recreation and Open
Space Bonds as required by North Carolina Statute 159-64.
BACKGROUND: On August 19, 2008, the Board approved seeking an extension of time for the
2001 Authorization to issue Parks, Recreation and Open Space Bonds which expires November
6, 2008. The Local Government Commission approved the request at its October 7, 2008
meeting, and the Board of County Commissioners approved setting this Public Hearing at its
October 7, 2008 meeting. The plan is to preserve the County's flexibility to issue general
obligation financing should that prove to be more beneficial and cost effective than direct bank
financing. There are $5.5 million Parks, Recreation and Open Space Bonds that remain
authorized but unissued. The Local Government Commission Action extends the authorization
to November 6, 2011. These Bonds are necessary to complete projects that were committed to
in the 2001 Bond Referendum.
FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be
a financial impact in proceeding with the actual issuance of the bonds.
RECOMMENDATION(S): The Manager recommends that the Board conduct the Public
Hearing.