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~~~" /~ ~.~11~~ <br />~~ <br />~'~'..S - ~ao ~- ~ ~,3 <br />Resolution Providing Final Approval Of <br />Financing Terms and Documents - Installment Financin~ Proiects <br />WHEREAS: <br />The Board of Commissioners of Orange County, North Carolina, has previously <br />deternuned 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 propertyacquisition purposes (the `Projects'~. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Dete~mination To Proceed with Projects -- The Board confirms its <br />decision to carryout the financing plan for the l~ojects. The Countywill 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 P~operty -- The intended financing plan for the <br />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 <br />property 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 <br />4.22% (in the absence of default or change in tax status), and for a financing term not <br />to extend beyond December 31, 2017. The Board expects that the Documents will <br />include the 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 pennitted by this resolution, in escrow on the <br />County's behalf until the conditions for the delivery of the Documents have been <br />iTxco2! 1 <br />