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Res-aoio-o~~ <br />Resolution Approving Revised Terms <br />For Carrboro High School Arts Wing Financing <br />WHEREAS: <br />ll~~rJroc e d 2 . ~ ~? -o?o t ~ <br />On November 17, 2009, the Orange County Board of Commissioners approved <br />terms and documents related to the County's financing of the planned Carrboro High <br />School arts wing (the "Project"). <br />Completion of the financing has been delayed pending final approval by the North <br />Carolina Local Government Commission. This approval is now expected at the LGC's <br />meeting on March 2, 2010. Because of the delay, the initial financing commitment from <br />Branch Banking and Trust Company ("BB&T") has expired. BB&T has renewed its offer <br />to provide Project financing. Because of changed market conditions, the new financing <br />proposal calls for an interest rate of 2.09%. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1. The Board confirms its decision to carry out the Project with financing <br />from BB&T. <br />2. The Board approves an annual interest rate payable on the financing of not <br />to exceed 2.09%. Otherwise, the Board's approval of Project financing terms and <br />agreements as set forth in the Board's resolution of November 17, 2009, is ratified and <br />confirmed. <br />3. All County officers and employees are authorized and directed to take all <br />such further action as they may consider necessary or desirable in furtherance of the <br />purposes of this resolution. All such prior actions of County officers and employees are <br />ratified, approved and confirmed. This resolution takes effect immediately. <br />