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~~:5'-~aJ~~U~~ <br />~-~.1-~~ <br />8 a> <br />Resolution Providing Final Approval of Terms and Documents <br />for County's 2012 Installment Financing -- for Elementary School #11, <br />for other Countv capital proiects and to refinance existing obligations <br />WHEREAS-- <br />The Orange County Board of Commissioners has previously determined to carry <br />out the acquisition and construction of a new elementary school for the Chapel Hill - <br />Carrboro school system, often referred to as "Elementary #11," and to finance the costs <br />of this project by the use of an installment financing, as authorized under Section 160A- <br />20 of the North Carolina General Statutes. <br />The Board has also determined to fund approximately $3,500,000 for additional <br />County capital projects, including approximately $3.0 million for improvements to solid <br />waste convenience centers and approximately $500,000 for the purchase of three <br />ambulances. <br />County staff has further advised the Board that because of generally low <br />borrowing rates, the County may be able to save money by refinancing a variety of the <br />County's existing installment financings. <br />The Board believes a single installment financing for the new school, the <br />additional County projects and to carry out refinancings would be in the County's best <br />interest. This financing 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 <br />documents listed on E~chibit A(the "Documents"), and a draft of an official statement <br />providing for the disclosure of information to prospective investors in the County's <br />financing obligations. All of these items relate to the County's carrying out the financing <br />plan. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />l. Determination To Proceed with Financing -- The Board confirms its <br />decision to carry out the proposed installment financing as described above. As part of <br />this financing, the County will refinance such existing County installment financing <br />obligations as the Finance Officer may determine. <br />2. Approval of Documents; Direction To Execute Documents -- The Board <br />approves the forms of the Documents submitted to this meeting. The Board authorizes <br />