HomeMy WebLinkAboutAgenda -10-21-2008 - 5bORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 21, 2008
Action Agencdab
Item No.
SUBJECT: Public Hearing on the Local Government Commission Action Approving an
Extension of Time for the 2001 Authorization to Issue Low and Moderate
Income Housing Bonds
DEPARTMENT: Finance PUBLIC HEARING: (Y!N) 0
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 Low and Moderate Income
Housing 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 Low and Moderate Income Housing Bonds (Affordable Housing
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 $1.4 million in Affordable Housing bonds that
remain authorized but unissued. The Local Government Commission Action extends the
authorization to November 6, 2011. The Affordable Housing Bonds are needed to fund projects
which have already been committed to by the Board of County Commissioners.
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.