RES-2011-078 Resolution Providing Approval of Terms and Documents for County's 2011 Installment Refinancing Transaction

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c~ ~t~- Resolution Providing Final Approval of Terms and Documents For County's 2011 Installment Refinancing Transaction WHEREAS -- The Board of Commissioners of Orange County, North Carolina, has previously determined to refinance certain existing County installment financings, most particularly a 2007 installment financing with SunTrust Leasing Corporation. This refinancing will take the form of a new installment financing pursuant to the authority of Section 160A-20 of the General Statutes and will include the use of limited obligation bonds, which represent interests in the installment payments to be made by the County. The County's Finance Officer has made available to this Board the draft documents listed on Exhibit A (the "Documents"), and a draft of an official statement providing for the disclosure of information to prospective investors in the County's financing obligations. All of these items relate to the County's carrying out the financing plan. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Proceed with Project -- The Board confirms its decision to carry out the proposed refinancing. The County will refinance the 2007 SunTrust financing, along with any other financings the Finance Officer may designate. 2. Approval of Documents; Direction To Execute Documents -- The Board approves the forms of the Documents submitted to this meeting. The Board authorizes and directs the Board's Chair and the County Manager, or either of them, to execute and deliver those Documents to which the County is a party. The Documents in their respective final forms must be in substantially the forms presented, with such changes as the Chair or the County Manager may approve. The execution and delivery of any Document by an authorized County officer will be conclusive evidence of such officer's approval of any such changes. The Documents in final form, however, must provide for the principal amount of limited obligation bonds to not exceed $45,000,000 and a financing term not to extend beyond December 31, 2027. The collateral pledged to the repayment of the County's obligations under the Documents may include any portion, or all, of the collateral pledged to the repayment of obligations that are refinanced. The amount financed under the Documents may include amounts to pay financing expenses and other necessary and incidental costs.