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Call a Public Hearing for a Time Extension to Issue 2015 General Obligation (G.O.) Bonds for October 12, 2022.
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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 adopt the resolution to:
1) Call a public hearing on extending the time for the Town to issue the general obligation bonds originally authorized in 2015; and
2) Authorize the Town Manager, Finance Officer, and other Town representatives to take all appropriate action toward carrying out the purposes of this resolution.
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|10 10|Recreation Facilities
8,000,000
5,300,000
2,700,000
Solid Waste Facility
5,200,000|10 10|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, an...
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