Minutes 01-20-2011 - Laserfiche WebLink

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� wing at Stanford Middle School, various roof replacements and renovations for Orange County Schools, and various roof replacements for the Chapel Hill — Carrboro City Schools. The County has also stated an intent to finance project costs by the use of an installment contract, as authorized under Section 160A-20 of the North Carolina General Statutes, that qualifies as a "qualified school construction bond" (a "QSCB"). The Finance Officer has obtained for the County a proposal from Branch Banking and Trust Company ("BB&T) to provide the QSCB installment financing to the County. The Finance Officer has made available to this Board the draft agreements listed on Exhibit A (the "Agreements"), which relate to the County's carrying out the QSCB financing plan. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Proceed with Financing— The County confirms its plans to undertake and finance the Project. The County accepts a proposal from BB&T dated November 29, 2010, to provide Project financing. Under the financing plan, BB&T will make funds available to the County for use on Project costs. The County will repay the amount advanced over time. As part of the financing plan, the Orange County School Board will convey C.W. Stanford Middle School (and its associated real property) to the County, so that the transferred property can provide collateral for the financing. The County will grant to BB&T a mortgage-type interest in the property to secure the County's repayment obligation. 2. Approval of Agreements; Direction To Execute Documents--The Board approves the forms of the Agreements submitted to this meeting. The Board authorizes and directs the Board's Chairman and the County Manager, or either of them, to execute and deliver the Agreements in their final forms. The Agreements in their respective final forms must be in substantially the forms presented, with such changes as the Chairman or the County Manager may approve. The Agreements in final form, however, must be consistent with the financing plan described in this resolution and must provide (a) for the amount financed by the County not to exceed $9,899,439.78, (b) for an annual interest rate to the County not to exceed 5.49%. (in the absence of a default or a change in tax status), and (c) for a financing term not to extend beyond December 31, 2026. In addition, the Board's Chairman and the County Manager, or either of them, are authorized and directed to approve, execute and deliver any further documents and agreements they deem desirable for carrying out the purposes and intents of this resolution. It is the Board's understanding that the financing documents may include (a) a lease agreement, providing for the School Board to continue to use the transferred school property during the term of the financing, and (b) an agreement under which the School Board will carry out the planned school improvements on the County's behalf. The execution and delivery of any document by an authorized officer will be conclusive evidence of his approval of the final form of such document.