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~~s- ~oi~- oa~- 3 <br />SHLF draft of February 21, 2012 <br />Resolution Providing Final Approval of Terms and Documents <br />for County's 2012 Installment Financing -- for Elementary School #11, <br />for other County capital proiects and to refinance existin~ obli~ations <br />WHEREAS -- <br />The Orange County Board of Commissioners has previously determined to carry out the <br />acquisition and construction of a new elementary school for the Chapel Hill - Carrboro school <br />system, often referred to as "Elementary #11," and to finance the costs of this project by the use <br />of an installment financing, as authorized under Section 160A-20 of the North Carolina General <br />Statutes. <br />The Board has also determined to fund approximately $3,500,000 for additional County <br />capital projects, including approximately $3.0 million for improvements to solid waste <br />convenience centers and approximately $500,000 for the purchase of three ambulances. <br />County staff has further advised the Board that because of generally low borrowing rates, <br />the County may be able to save money by refinancing a variety of the County's existing <br />installment financings. <br />The Board believes a single installment financing for the new school, the additional <br />County projects and to carry out refinancings would be in the County's best interest. This <br />financing will include the use of limited obligation bonds, which represent interests in the <br />installment payments to be made by the County. <br />The County's Finance Officer has made available to this Board the draft documents listed <br />on E~ibit A(the "Documents"), and a draft of an official statement providing for the disclosure <br />of information to prospective investors in the County's financing obligations. All of these items <br />relate to the County's carrying out the financing plan. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. Determination To Proceed with Financing -- The Board confirms its decision to <br />carry out the proposed installment financing as described above. As part of this financing, the <br />County will refinance such existing County installment financing obligations as the Finance <br />Officer may determine. <br />2. Approval of Documents; Direction To Execute Documents -- The Board approves <br />the forms of the Documents submitted to this meeting. The Board authorizes and directs the <br />Board's Chair and the County Manager, or either of them, to execute and deliver those <br />3 <br />