Orange County NC Website
Browse       Search
y-~,~ <br />Resolution Providing Final Approval of Terms and <br />Documents for 2008 Landfill Equipment Financing <br />WHEREAS: <br />Orange County has previously determined to carry out a plan (the "Project") <br />to finance certain landfill equipment through the use of installment fmancing under <br />Section 160A-20. <br />The County has solicited competitive proposals from banks to provide the <br />desired fmancing, and RBC Bank (USA) (the "Bank") has submitted the best <br />proposal. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Financing -The County confums <br />its plans to undertake and finance the Project. The County will carry out the plan <br />with fmancing from the Bank, substantially in accordance with a fmancing <br />proposal dated July 28, 2008. <br />Under the fmancing plan, the Bank will make funds available to the County <br />for use on Project costs. The County will repay the amount advanced, with <br />interest, over time. The County will grant to the Bank a security interest in the <br />landfill equipment to secure the County's repayment obligation. <br />2. Direction To Execute Documents -- The Board authorizes and <br />directs the Board's Chair, the County Manager and the County Finance Officer to <br />act on the County's behalf and execute and deliver all appropriate documents (the <br />"Documents") for the proposed fmancing. It is the Board's understanding that the <br />Documents will be in forms substantially similar to those used by the Bank in <br />similar fmancirigs provided to other North Carolina local governments. <br />The execution and delivery of any Document by an authorized officer will <br />be conclusive evidence of his approval of the final form of such Document. The <br />Documents in fmal form, however, must be consistent with the fmancing. plan <br />described in this resolution and must provide (a) for the amount financed by the <br />County not. to exceed $1,200,000, (b) for an annual interest rate not to exceed <br />3.27% (in the absence of default, or a change in tax status), and (c) for a financing <br />term not to extend beyond 59 months from the closing date. <br />3. Authorization to Finance Officer To Complete Closing -The <br />Board authorizes and directs the Finance Officer to hold executed copies. of all <br />