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filing an application with the LGC for its approval of the project and the proposed <br />financing arrangements are authorized, ratified and approved, and that this resolution <br />takes effect immediately. <br />Resolution Providing Final Approval Of <br />Financing Terms and Documents -Installment Financing Protects <br />WHEREAS: <br />The Board of Commissioners of Orange County, North Carolina, has previously <br />determined to carry out a financing plan for the acquisition and construction of <br />renovations to Orange High School and the County building used by Orange <br />Enterprises, along with acquisition of land and other property interests for public <br />buildings and property acquisition purposes {the "Projects"}. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Projects -- The Board confirms its <br />decision to carry out the financing plan for the Projects. The County will finance the <br />Projects through Branch Banking and Trust Company, in accordance with the BB&T <br />proposal dated October 28, 2002. <br />2. Determination to Acquire Property -- The intended financing plan for <br />the Projects contemplate the County's acquiring the Orange High School property from <br />The Orange County Board of Education (the "School Board"), and imposing a lien on <br />that property to secure the County's repayment obligation for the entire financing <br />package. The Board approves the County's acquisition of the Orange High School <br />property for this purpose. The Board notes that the School Board approved this property <br />transfer on November 18, 2002. <br />3, Direction To Execute Documents -- The Board authorizes and directs <br />the Board's Chair to execute and deliver, on the County's behalf, financing documents <br />(the "Documents") in such forms as the Chair, on the Finance Officer's advice, may <br />approve. The Documents in final form, however, must provide for the amount financed <br />by the County not to exceed $3,475,000, for an annual interest rate not to exceed 4.22°l0 <br />{in the absence of default ar change in tax status), and far a financing term not to extend <br />beyond December 31, 2017. The Board expects that the Documents will include the <br />agreements described in Exhibit A. <br />4. Authorization to Finance Officer To Complete Closing -The Board <br />authorizes and directs the Finance Officer to hold executed copies of the Documents, <br />and any other documents authorized or permitted by this resolution, in escrow on the <br />County's behalf until the conditions for the delivery of the Documents have been <br />completed to such officer's satisfaction, and thereupon to release the executed copies of <br />such documents for delivery to the appropriate persons or organizations. Without <br />limiting the generality of the foregoing, the Board specifically authorizes the Finance <br />Officer to approve changes to any documents {including the Documents and any closing <br />certifications} previously signed by County officers or employees, provided that such <br />changes shall not substantially alter the intent of such documents from that expressed in <br />