Orange County sold $2.5 million in Affordable General Obligation (GO) Bonds Tuesday, June 15. The bond sale followed affirmation of the County's AAA Bond Rating by all three of the major credit rating agencies.
The county's bond market activity included the sale of $18.3 million in Limited Obligation Bonds (LOB) to support the County's Capital Investment Program.
Additionally, the county refinanced existing bonds, which resulted in net present value savings of $423,122 over the life of the bonds. The refinancing savings represented 5.3% of the refunding bonds, well above the County's 3% minimum policy.
The LOB financing proceeds will fund public safety vehicles, improvements to the Whitted Building, Justice Facility, Roofing and Building Facade Improvements, Blackwood Farm Park Improvements and both the Chapel Hill-Carrboro City Schools and Orange County Schools capital improvements.
The three major rating agencies cited a stable tax and economic base, strong financial performance and financial policies, regular monitoring of budget versus actuals with quarterly reporting to the Board, long-term operating and debt modeling and proactive debt management strategies.