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Resolution supporting an application to the Local Government Commission <br />for its approval of a financing agreement - <br />2002 Private Placement Installment Financin <br />WHEREAS - <br />Orange County has previously approved in principle the undertaking and <br />financing of the following described proj ects by the use of an installment contract, as <br />authorized under Section 160A-20 of the General S'tatutes: <br />Renovations to Orange High School $950,000 <br />Land acquisition for public buildings $1,000,000 <br />Acquisition of easements and other property $1,000,000 <br />interests for conservation purposes <br />Renovations and improvernents to County $525,000 <br />building used by Orange Enterprises <br />The County's undertaking of the financing was the subject of a public hearing <br />held earlier today on November 19, 2002. <br />Under the guidelines of the North Carolina Local Government Commission (the <br />"LGC"), this governing body must make certain findings of fact to support the <br />County's application for the LGC's approval of the County's proposed financing <br />arrangements for,the projects. <br />NOW, THEREFORE, BEITRESOLVED that the Board of Commissioners of <br />Orange County, North Carolina, makes the following findings of fact: <br />1. The proposed projects are necessary and appropriate for the County under <br />all the circumstances. The projects as a whole have been approved as part of the <br />County's long-term capital improvements program. The proposed renovations and <br />improvements to Orange High School and the County building used by Orange <br />Enterprises are appropriate to prolong the lives and enhance the levels of service <br />provided by those buildings. The County land acquisition is appropriate as part of the <br />County's long-term plan to bring additional community college services to the County. <br />1TVN02 11 19 02 <br />