Item:
Title
Adoption of Initial Resolution for a Not to Exceed $30,000,000 County of Durham, North Carolina Enterprise System Revenue Bond Anticipation Note, Series 2026
Body
Date of BOCC Meeting: September 28, 2026
Request for Board Action:
Agenda Text
The Board is requested to adopt the Initial Resolution authorizing the issuance of the County's proposed Enterprise System Revenue Bond Anticipation Note, Series 2026 (the "2026 Note"), in an amount not to exceed $30,000,000. The proceeds of the 2026 Note will be used to (1) finance certain improvements to the County's wastewater system, including, but not limited to, the construction of the Chin Page Road lift station and associated force main, gravity sewer, outfall, and related piping improvements, together with related site development and appurtenant improvements thereto, and (2) pay the costs of issuing the 2026 Note. The Initial Resolution requests that the Local Government Commission of North Carolina approve the issuance of the 2026 Note and the private sale without advertisement of the 2026 Note to a financial institution to be determined. The Initial Resolution also requests approval of the County's financing team, consisting of Parker Poe Adams & Bernstein LLP as bond counsel, DEC Associates, Inc. as municipal advisor, and U.S. Bank Trust Company, National Association as trustee.
Alignment with Strategic Plan: This request aligns with Goal 5 of the Strategic Plan, Accountable, Efficient and Visionary Government.
Resource Persons: Crystally Wright, Chief Financial Officer, Joseph Futima, Assistant Chief Financial Officer and Claudia Hager, County Manager
County Manager's Recommendation: The County Manager recommends the Board adopt the Initial Resolution authorizing the issuance of the 2026 Note, requesting Local Government Commission approval of the 2026 Note, and providing for related matters.
Signature