Title
Public Hearing- General Obligation Bonds
Action
ACTION:
1. Open Public Hearing on $45,000,000 General Obligation Solid Waste Bond Order
2. Close Public Hearing on $45,000,000 General Obligation Solid Waste Bond Order and
Adopt the $45,000,000 General Obligation Solid Waste Bond Order,
Adopt the $90,000,000 General Obligation Refunding Bond Order, and
Adopt the attached Bond Resolution Authorizing the Issuance of Not to Exceed $45,000,000 General Obligation Solid Waste Bonds, Not to Exceed $302,000,000 General Obligation School Bonds, and Not to Exceed $90,000,000 General Obligation Refunding Bonds.
Staff Contact: David Boyd, CFO
Presentation: No
BACKGROUND/JUSTIFICATION:
As part of the currently approved Capital Improvement Plan and in addition to bonds being issued for schools, debt was also projected to fund other County projects. The County has the authority to issue additional General Obligation (GO) bonds in an amount equal to 2/3rds of the retired principal in the prior year without the need for a referendum. Moreover, GO bonds can be issued without a vote to refinance any outstanding GO debt.
These bonds are currently planned for sale in late January 2025.
On November 19, 2024 the Solid Waste Bond Order was introduced and was published in the Charlotte Observer on November 21, 2024 with a notice that the Board would hold a public hearing on December 3, 2024. Upon adoption of the Bond Orders and Resolution, notice of adoption of Bond Orders will be published.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A