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Resolution Approving December Installment Financing <br />WHEREAS:- <br />The Board of Commissioners of Orange County, North Carolina, has <br />previously determined to refinance certain County installment financings and to <br />finance certain equipment, including sheriff's radios, telephone equipment and <br />property information management software. <br />Branch Banking and Trust Company ("BB&T") has offered to modify <br />some of its existing financing arrangements with the County, and to provide <br />financing for the equipment described above (the "Equipment"). <br />BE IT RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />1. Determination To Proceed -The County will undertake the <br />acquisition of the Equipment with financing from BB&T. <br />Under the financing plan, BB&T will make funds available to the County <br />for use on Equipment costs. The County will repay the amount advanced, with <br />interest, over time. The County will grant to BB&T a lien on some or all of the <br />Equipment to secure the County's repayment obligation. <br />In addition, the County accepts BB&T's offer to modify certain County <br />installment financings held by BB&T. <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 financings described above. It is the Board's understanding <br />that the Documents will be in forms substantially similar to those used by BB&T <br />in similar transactions with other North Carolina local governments. <br />The execution and delivery of any Document by an authorized officer will <br />be conclusive evidence of such officer's approval of the final form of such <br />Document. The Documents in final form, however, must be consistent with the <br />financing plan described in this resolution. The Documents related to the loan <br />modifications must provide for interest rate savings to the County and must not <br />extend the respective financing terms. The Documents for the Equipment <br />financing must provide (a) for the amount financed by the County not to exceed <br />$2,000,000, (b) for an annual interest rate not to exceed 3.00% (in the absence of <br />