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Frank Clifton said that the allocation for this item is within the budgets for this fiscal <br /> year. The efforts on the impact fees are continuing, but there has not been a formalized <br /> discussion yet. <br /> A motion was made by Commissioner Jacobs, seconded by Commissioner Hemminger <br /> to approve $53,312 for impact fee reimbursement to Habitat for Humanity of Orange County, <br /> NC, Inc. <br /> 7. Public Hearinqs-NONE <br /> 8. Reqular Aqenda <br /> a. Resolution Authorizinq Application to the Local Government Commission <br /> to Issue Up to $42.5 Million in Limited Obliqation Refundinq Bonds <br /> The Board considered approving a resolution authorizing application to the Local <br /> Government Commission (LGC) to issue up to $42.5 million in Limited Obligation Refunding <br /> bonds to refund the 2007 Certificates of Participation. <br /> Financial Services Director Clarence Grier said that last fall there was an opportunity to <br /> refund some debt to the County but the interest rates were not good, so they did not go <br /> through with it. The rates have improved and this item is to continue with this process. He <br /> said that they had been working with different companies on this debt refunding. It will save <br /> about $1.7 million in total debt service, with an average savings in debt service of slightly over <br /> $107,000 a year. He said that he recently received the County's bond ratings, and all of them <br /> were reaffirmed. All of the ratings are positive (AAA and AA+). He said that there is some <br /> additional debt that would provide some flexibility and he would like to amend the resolution to <br /> add $2.5 million more debt to retire, making a total of $45 million. He asked the Board to <br /> approve the resolution authorizing staff to proceed with the application. <br /> Commissioner Hemminger thanked Clarence Grier for finding better interest rates for <br /> the county. <br /> Resolution Providing Final Approval of Terms and Documents <br /> For County's 2011 Installment Refinancing Transaction <br /> WHEREAS -- <br /> The Board of Commissioners of Orange County, North Carolina, has previously <br /> determined to refinance certain existing County installment financings, most particularly a <br /> 2007 installment financing with SunTrust Leasing Corporation. This refinancing will take <br /> the form of a new installment financing pursuant to the authority of Section 160A-20 of the <br /> General Statutes and will include the use of limited obligation bonds, which represent <br /> interests in the installment payments to be made by the County. <br /> The County's Finance Officer has made available to this Board the draft documents <br /> listed on Exhibit A (the "Documents"), and a draft of an official statement providing for the <br /> disclosure of information to prospective investors in the County's financing obligations. All <br /> of these items relate to the County's carrying out the financing plan. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, <br /> North Carolina, as follows: <br />