RES-2007-031 Resolution for Approval of Alternative Financing

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~ ~, 2007 Orange County installment financing for various projects -- Resolution supporting an application to the Local Government Commission for its approval of a financing agreement, and taking other appropriate action WHEREAS-- The Orange County Board of Commissioners has approved, in principle, the use of installment financing to provide funds, to be used with other available funds, to pay costs related to the various capital projects described on Exhibit A. The County has solicited competitive proposals to provide the desired financing, and SunTrust Bank ("SunTrust") has submitted the best proposal. Under the guidelines of the North Carolina Local Government Commission (the "LGC"), this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's proposed financing arrangements for the projects. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The Board makes an initial determination to finance the projects described above by use of installment. financing. The County estimates that the total amount to be financed will be approximately $50,057,000, plus amounts that maybe needed to provide required reserves, to pay financing costs and to pay other necessary and related costs. 2. The County makes a tentative determination to accept the SunTrust proposal dated March 13, 2007, to provide the contemplated financing. This determination is subject to final approval by the Board after the required public hearing, approval by the LGC, completion of documentation acceptable to the Board and negotiation of final financing terms between the County and SunTrust. 3. The County's Finance Officer is authorized and directed to file an application with the LGC for its approval of the project and the proposed financing arrangements and to take all necessary and appropriate action related to the LGC approval process. The Board appoints the Finance Director as the County's authorized representative with respect to the LGC application process.