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Resolution Providing Final Approval of Terms <br />For 2005 Sportsplex Acquisition Financing <br />WHEREAS: <br />Orange County has previously determined to carry out a plan to acquire the <br />Triangle Sportsplex facility, to devote the Sportsplex to multiple County uses, and <br />to finance the acquisition of the facility. <br />The County has solicited competitive proposals from banks to provide the <br />desired financing, and Bank of America, N.A. (the "Bank"), has submitted the best <br />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 plans to acquire the Sportsplex and to finance the acquisition. The County will <br />carry out the plan with financing from the Bank, substantially in accordance with <br />its variable rate financing proposal dated October 11, 2005. <br />Under the financing plan, the Bank will make funds available to the County <br />to pay the acquisition cost of the Sportsplex. The County will repay the amount <br />advanced, with interest, over time. The County will grant to the Bank amortgage- <br />type interest in the Sportsplex 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 to 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 to 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 and the Bank's proposal and must <br />provide (a) for the amount financed by the County not to exceed $6,000,000, and <br />(b) for a financing term not to extend beyond May 1, 2006. The financing <br />