TOWN OF CHAPEL HILL - File #: [22-0751]

• File #: [22-0751]
• Version: 1
• Type: Discussion Item
• Status: Passed
• File created: 9/27/2022
• In control: Town Council
• On agenda: 10/12/2022
• Final action: 10/12/2022
• Title: Open the Public Hearing and Consider a Time Extension to Issue 2015 General Obligation (G.O.) Bonds.
• Related files: [22-0646]

Date	Ver.	Action By	Action	Result
10/12/2022	1	Town Council	closed the public hearing	Pass
10/12/2022	1	Town Council	adopted	Pass

title
Open the Public Hearing and Consider a Time Extension to Issue 2015 General Obligation (G.O.) Bonds.
body

Staff:
Department:
Amy Oland, Director
Business Management

Overview: The Town of Chapel Hill has $18.8 million that has not been issued from the 2015 general obligation bonds. The authority to issue these bonds will expire in November 2022. We recommend extending the issuance period an additional three years.


Recommendation(s):
That the Council:
1) Hold the public hearing on the extension of time for the Town to issue the general obligation bonds originally approved at the 2015 referendum; and
2) Approve the bond order authorizing the extension of time for the Town to issue the general obligation bonds originally approved at the 2015 referendum.

Key Issues:
* In November 2015, Chapel Hill residents voted on a referendum authorizing the issuance of general obligation bonds for a variety of purposes in the maximum amount of $40,300,000.

* The five bond orders, the amount authorized by voters, the amount issued by the Town, and the remaining balance are as follows:

BOND ORDER
AUTHORITY
ISSUED
BALANCE
Streets & Sidewalks
$ 16,200,000
$ 8,500,000
$ 7,700,000
Trails & Greenways
5,000,000
5,000,000|1010|Recreation Facilities
8,000,000
5,300,000
2,700,000
Solid Waste Facility
5,200,000|1010|5,200,000
Stormwater Improvements
5,900,000
2,700,000
3,200,000
Total
$ 40,300,000
$ 21,500,000
$ 18,800,000

* Once general obligation bonds are authorized by voters in a referendum, the Town may issue them at any time within seven years after the bond order takes effect. The Town currently has until November 3, 2022 to issue the 2015 bonds.

* Per North Carolina General Statute 159-64, the issuance period may be extended an additional three years as long as the bond orders have not expired. The new expiration date would be November 3, 2025.

* We request the extension because it has taken longer to complete design, permit, and construct these projects...