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<0:) 3 <br /> 2006 Orange County financing for Carrboro High School -- Resolution supporting <br /> an application to the Local Government Commission for its approval of a financing <br /> agreement, and taking other appropriate action <br /> WHEREAS-- <br /> Orange County has previously undertaken to finance the acquisition and <br /> construction of a new high school for the Chapel Hill — Carrboro school district, to be <br /> known as Carrboro High School, and has established a financing plan that combines pay- <br /> as-you-go funding, general obligation bonds and installment financing. <br /> The County Commissioners now desire to continue the financing process for the <br /> high school by providing tentative approval for approximately $9,000,000 in financing <br /> for the project by the use of an installment contract, as authorized under Section 160A-20 <br /> of the North Carolina General Statutes. <br /> Under the guidelines of the North Carolina Local Government Commission (the <br /> "LGC"), this governing body must make certain findings of fact to support the County's <br /> application for the LGC's approval of the County's proposed financing arrangements for <br /> the project. <br /> NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br /> Orange County,,North Carolina, makes the following findings of fact: <br /> 1. The proposed project is appropriate for the County under all the <br /> circumstances. The project has been considered in detail by the Board on multiple <br /> occasions and is appropriate to serve the school population in the C — Carrboro <br /> district. <br /> 2. The proposed installment financing of approximately $9,000,000 is <br /> preferable to a bond issue for the same purpose. It is appropriate for the County to <br /> balance its capital finance program between bonds and installment financing, and the <br /> County has already applied some general obligation bond funds and other resources to <br /> this project. This project is also suitable for installment financing because the financing is <br /> for a single real property asset, and this financing can later be combined with a larger <br /> installment financing the County has planned. <br /> 3. The estimated sums to fall due under the proposed financing contract are <br /> adequate and not excessive for the proposed purpose. The County will obtain <br /> competitive lending proposals, and will closely review proposed lending rates against <br />