$150,000,000 SCHOOL BONDS
WHEREAS, The Alamance-Burlington Board of Education has certified to the Board of Commissioners for the County of Alamance, North Carolina, a resolution passed by said Board of Education on February 26, 2018 showing that adequate school facilities are not now available in Alamance-Burlington School System, its respective school administrative unit, to comply with the requirements of Section 2 of Article IX of the Constitution of North Carolina for the maintenance of schools at least nine months in every year and that it is necessary, in order to maintain such term as required by said Section 2 of Article IX of the Constitution, to provide additional school facilities in said unit by erecting additional school buildings and other school plant facilities, enlarging, reconstructing, renovating and replacing existing school buildings and other school plant facilities and acquiring any necessary land, furnishings, equipment and appurtenant facilities therefor, the estimated cost of which is $150,000,000;
WHEREAS, said resolution requests said Board of Commissioners to take all necessary steps, by the issuance of bonds or otherwise, in order that funds may be provided for such school facilities; and
WHEREAS, said Board of Commissioners has carefully examined the facts and has determined and does hereby find as a fact that the statements made in said resolution are true and that it has become the duty of said Board of Commissioners, acting as an administrative agent of the State of North Carolina in providing a State system of public schools, to order the issuance of bonds of the County of Alamance so that the school facilities mentioned in said resolution and in paragraph 1 of this order may be provided in order to maintain the school term in the County of Alamance as required by Section 2 of Article IX of the Constitution; now, therefore,
BE IT ORDERED by the Board of Commissioners for the County of Alamance:
- That, pursuant to The Local Government Bond Act, as amended, and in order to maintain the school term in the County of Alamance as required by Section 2 of Article IX of the Constitution, the County of Alamance, North Carolina is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue School Bonds in an aggregate principal amount not exceeding $150,000,000 for the purpose of providing funds, with any other available funds, for erecting additional school buildings and other school plant facilities, enlarging, reconstructing, renovating and replacing existing school buildings and other school plant facilities and acquiring any necessary land, furnishings, equipment and appurtenant facilities therefor, in order to provide additional school facilities in said County.
- That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds.
- That a sworn statement of the debt of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public inspection.
- That this order shall take effect when approved by the voters of said County at a referendum as provided in said Act.
The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of the County of Alamance to be $13,641,051,590 and the net debt thereof, including the proposed bonds, to be $250,301,876.10. The Finance Officer of the County of Alamance has filed a statement estimating that the total amount of interest that will be paid on the bonds over the expected terms of the bonds, if issued, is $70,875,000. Such estimate is preliminary, is for general information purposes only, may differ from the actual interest paid on the bonds and is based on a number of assumptions as described in such statement. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 P.M. on April 16, 2018 in the Southern High School Auditorium at 631 Southern High School Rd, in Graham, North Carolina.
Tory M. Frink
Clerk to the Board of Commissioners
for the County of Alamance, North Carolina