... Improvement Bonds 2016 Series C, $5,300,000 Bond Anticipation Notes (Tax-Exempt) 2016 Series B, $35,030,000 Bond Anticipation Notes (Federally Taxable) 2016 Series C, and $120,000,000 Revenue Anticipation Notes 2016 Series A, are scheduled to be sold on June 8. The bonds will be sold competitively; the bond anticipation notes (BANs) and revenue anticipation notes (RANs) will be sold on a negotiated basis. Security: The bonds, BANs and RANs carry the county's faith and credit and taxing power, subject to a 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (the tax cap law). This limit can be overridden annually by a 60% vote of the county legislature. Purpose: Bond and BAN proceeds will fund capital projects and refinance outstanding BANs. The RANs are issued in anticipation of the receipt of sales taxes in 2016. Final Maturity: Bonds: To be determined; BANs series B: June 14, 2017; BANs series...
