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~~s-~oo~ 0~3 <br />~i- ~-vl, <br />Resolution Providing Final Approval of Terms and <br />Documents for Financing of 2006 Schools Proiect <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 <br />be known as Carrboro High School (the "School"),.and has approved a financing <br />plan that combines pay-as-you-go funding, general obligation bonds and <br />installment financing. <br />The County has now solicited competitive proposals from banks to provide <br />the desired installment financing, and Branch Banking and Trust .Company (the <br />"Bank") has submitted the best 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 confirms <br />its financing plans for the School. The County will carry out the financing plan <br />with installment financing from the Bank, in accordance with a financing proposal <br />dated October 20, 2006. <br />Under the .financing plan, the Bank will make funds .available to the County <br />for use on project costs. The County will repay the amount advanced, with interest, <br />over time. The Chapel Hill - Carrboro City School Board will convey the School <br />and its site to the County, so that the School can provide collateral for the <br />financing. The County will grant to the Bank amortgage-type interest in the <br />School and the related property to secure the County's repayment obligation. <br />2. .Direction To Execute Documents -- The Board authorizes and directs <br />the Board's Chair, the County Manager and the County Finance Officer to act on <br />the County's behalf and execute and deliver all appropriate 'documents (the <br />"Documents") for the proposed financing. It is the Board's understanding that the <br />Documents will be in forms acceptable to the North Carolina Local Government <br />Commission, and substantially similar to those used by the Bank in similar <br />financings provided to the County and other North Carolina local governments. <br />In addition, it is the Board's understanding that the Documents will include <br />(a) a lease agreement, providing for the School Board to continue to use the School <br />