News Story
Posted by Transylvania County on July 10, 2018

Notice of Public Hearing

Bond Order Authorizing the Issuance of $68,000,000

General Obligation School Bonds of the County of Transylvania, North Carolina

WHEREAS, the Board of Commissioners of the County of Transylvania, North Carolina (the “Board of Commissioners”) has ascertained and hereby determines that it is necessary to pay the capital costs of constructing, improving, renovating and equipping school facilities, including improvements at Brevard High School, Rosman High School and Rosman Middle School, and acquiring land or rights–in–land required therefore; and

 

WHEREAS, an application has been filed with the Secretary of the Local Government Commission of North Carolina requesting Commission approval of the General Obligation School Bonds hereinafter described as required by the Local Government Bond Act, and the Clerk to the Board of Commissioners has notified the Board of Commissioners that the application has been accepted for submission to the Local Government Commission.

 

NOW, THEREFORE, BE IT ORDERED by the Board of Commissioners of the County of Transylvania, North Carolina, as follows:

Section 1. In order to raise the money required for the purposes described above, in addition to any funds which may be made available for such purpose from any other source, General Obligation School Bonds of the County are hereby authorized and shall be issued pursuant to the Local Government Finance Act of North Carolina. The maximum aggregate principal amount of such General Obligation School Bonds authorized by this order shall be $68,000,000.

Section 2. Taxes will be levied in an amount sufficient to pay the principal and interest on the General Obligation School Bonds.

Section 3. A sworn statement of the County’s debt has been filed with the Clerk to the Board of Commissioners and is open to public inspection.

Section 4. This bond order shall take effect when approved by the voters of the County at a referendum scheduled for November 6, 2018.

The foregoing bond 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 Transylvania, North Carolina to be $5,779,200,000 and the net debt thereof, including the proposed bonds, to be $71,249,381. The finance officer of the County has filed a statement estimating that the total amount of interest that will be paid on the bonds over the expected term of the bonds, if issued, is $28,929,750. The estimate is preliminary, is for general informational purposes only, and may differ from the actual interest paid on the bonds. 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 on July 23, 2018 at 7:00 p.m., or as soon thereafter as practicable, in the Commissioners’ Chambers in the Administration Building located at 101 S. Broad St., Brevard, North Carolina.