Town of Chapel Hill header
Share to Facebook Share to Twitter Bookmark and Share
File #: [19-0878]    Version: 1 Name:
Type: Consent Status: Passed
File created: 10/16/2019 In control: Town Council
On agenda: 10/30/2019 Final action: 10/30/2019
Title: Adopt a Resolution for the Issuance of Up to $12,250,000 in General Obligation Refunding Bonds.
Attachments: 1. A RESOLUTION AUTHORIZING THE SALE OF GENERAL OBLIGATION REFUNDING BONDS (2019-10-30/R-2)
Related files: [19-0775]


title
Adopt a Resolution for the Issuance of Up to $12,250,000 in General Obligation Refunding Bonds.
body

Staff:
Department:
Maurice Jones, Town Manager
Manager's Office
Amy Oland, Director
Business Management

Overview: The Business Management Department is working on the issuance of up to $12,250,000 in Town general obligation refunding bonds to refinance a portion of the Town's outstanding Taxable General Obligation Public Improvement Bonds, Series 2010B. The attached resolution provides for the issuance of these refunding bonds and authorizes staff to take related actions as considered necessary in the furtherance of this resolution. This is the final Council action needed to authorize the issuance of the refunding bonds.


Recommendation:
That the Council adopt the resolution authorizing the sale of general obligation refunding bonds.

Key Issues:
At its September 25, 2019 meeting, the Council adopted a resolution providing preliminary approval for the issuance of General Obligation Refunding Bonds, adopted the Bond Order for General Obligation Refunding Bonds and adopted a resolution providing for the publication of the Bond Order. The next step in the refunding process is to adopt a resolution for the sale of refunding bonds. This resolution does the following:
1. Formally authorizes the sale of up to $12,250,000 in refunding bonds;
2. Formally pledges the Town's taxing power to provide for payment on the bonds;
3. Approves the form of the draft official statement for the Town in offering bonds to investors;
4. Approves the proposed form of the bonds themselves;
5. States the Town's agreement to comply with federal rules for continuing disclosure to the securities markets;
6. States the Town's agreement to comply with the relevant provisions of federal tax law; and
7. Authorizes Town staff to complete the process of issuing the bonds, and approves the steps necessary to take those related actions.

This refunding opportunity is the result of a r...

Click here for full text