TITLE
Title
RESOLUTION TO REPEAL 2017 REFUNDING BOND ORDER
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SPONSOR
Sponsor
Harley Will
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BACKGROUND
Background
The Board of Commissioners has previously issued $179,785,000 in principal amount of refunding bonds pursuant to the bond order entitled “BOND ORDER AUTHORIZING THE ISSUANCE OF $215,000,000 REFUNDING BONDS OF THE COUNTY OF GUILFORD” and adopted at the meeting of the Board of Commissioners held on October 5, 2017. The original authorization provided for refunding of all or a portion of the outstanding General Obligation Bonds Series 2005A, 2005B, 2007B, and 2012A. Due to the premium received on the refunding bonds, the total authorized amount of $215,000,000 was not required to be issued. The Board does not intend to issue any other bonds from the unused portion of $35,215,000 pursuant to that bond order. The requested action to repeal the bond order is an administrative matter to remove this authorization as it has been determined by staff that any further actions relating to refunding the remaining 2012A bonds, if considered, would require a new authorization.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Adopt the resolution to repeal, pursuant to NCGS 159-63 and to the extent bonds have not heretofore been issued thereunder, the bond order entitled “BOND ORDER AUTHORIZING THE ISSUANCE OF $215,000,000 REFUNDING BONDS OF THE COUNTY OF GUILFORD” originally adopted at the meeting of the Board of Commissioners held on October 5, 2017.
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