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Agenda - 04-21-1998 - 8d
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Agenda - 04-21-1998 - 8d
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Last modified
7/15/2010 12:48:15 PM
Creation date
7/15/2010 12:48:15 PM
Metadata
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BOCC
Date
4/21/1998
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8d
Document Relationships
1998 S Finance -BB&T - Modification Agreement for Southern Village Elementary Financing 04-21-1998-8d
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\1990's\1998
Minutes - 19980421
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\1990's\1998
RES-1998-021 - Finance - Resolution Approving a Modification for Southern Village Elementary Financing Documents To Correct the Payment Schedules 04-21-1998-8d
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Path:
\Board of County Commissioners\Resolutions\1990-1999\1998
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 21, 1998 <br />Action Agenda <br />Item No. ~ _d <br />SUBJECT: Resolution Approving a Modification for the Southern Village Elementary Financing <br />Documents <br />DEPARTMENT: Finance <br />PUBLIC H1:AK11Vli: (Y/ir) <br />BUDGET AMENDMENT: (Y/N) <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Resolution and Modification Agreement Ken Chavious Ext. 2453 <br />Prepazed by Bond Counsel . <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 227-2031 <br />PURPOSE: To consider the adoption of a resolution approving a modification agreement to the <br />Southern Village Elementary School Financing documents. <br />BACKGROUND: On November 1996 the County Commissioner accepted a financing proposal <br />for $14 million from BB&T for the construction of the Southern Village Elementary School. The <br />proposal accepted by the Board contained a very favorable fixed interest rate of 4.92% and a 15 year <br />financing term. The initial financing proposal from BB&T included a conventional amortization <br />schedule which contained level principal and interest payments beginning in August of 1997. <br />However, staff subsequently requested a financing structure from BB&T which included only <br />interest payments in 1997-98 with principal payments beginning in August of 1998. Funds made <br />available from this restructuring were to be used to fund other school capital projects in the 1997-98 <br />CIP. The Boazd accepted the BB&T proposal containing the restructured amortization schedule. <br />The closing for the Southern Village financing occurred on December 18, 1996. Among the <br />documents included at the closing was the Installment Purchase Agreement reflecting the initial <br />"conventional" amortization schedule. The closing documents were inadvertently filed with the <br />inclusion of the conventional amortization schedule. The County's Bond Counsel has prepared the <br />attached resolution to carry out needed corrections. The modification has no effect on the term or <br />interest rate contained in the original agreement. It is needed in order to correctly reflect the <br />repayment schedule which is being observed by the County and the bank. BB&T has <br />acknowledged the need for the modification. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />and authorize the Chair to execute the Modification Agreement. <br />
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