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BARRYJACOBS, CffA/R ORANGE COUN7'Y BOARD OF COMMISSIONERS <br />STEPHENH. HAUC/OT/S, I//CECHA/R POST OFFICE BOX 8'I 8'I <br />MARGARET W. BROWN <br />n~os~sc,v~Er,/tz 20O SOUTH CAMERON STREET <br />AL/CEM. GORDON <br />HILLSBOROUGH, NORTH CAROL[NA 27278 <br />~~f` ~~% <br />CERTIFICATION <br />I hereby certify that at the regular meeting of the Board of County Commissioners on November 19, 2002 the <br />Board conducted a public hearing on the Alternative Capital Financing Plan that was approved by the Board of <br />Commissioners on September 3, 2002. Kathy Bryan spoke and thanked the BOCC for funding projects for <br />Orange Enterprises. No other person spoke at the public hearing; thus, the hearing was closed. <br />The Board then took action on items to facilitate the acquisition of funds needed for the projects. <br />Finance Director Ken Chavious pointed out to the Board that these were actions required because the Board of <br />Commissioners had adopted a plan that included capital projects to be financed by the initial sale of the 2001 <br />bonds and these projects were to be alternatively financed. Mr. Chavious also pointed out that the Board had <br />adopted a schedule for the alternative financing and therefore the staff had pursued a request for the proposal <br />process to finance $3, 475,000 in projects approved by the Board. The projects included in this phase of the <br />alternative financing include renovations to Orange High School, conservation easements, property acquisition <br />for the community college satellite campus and funding for the Orange Enterprises facility. <br />Mr. Chavious further explained that an application requesting approval of this proposed financing has been <br />forwarded to the Local Government Commission in accordance with statutory provisions. And prior to the LGC <br />granting approval, the Board is required to conduct a public hearing on matters related to the alternative <br />financing proposal. He further stated that the LGC is required to take action on the County's application on <br />December 2, 2002 and if the approval is granted, closing and receipt of funds will occur during mid December, <br />2002. • <br />Mr. Chavious said that the finance staff had solicited and received proposals from six financial institutions and <br />two of these proposals did not comply with the provisions of the County's request and therefore were deemed <br />non-responsive. Of all of the proposals submitted, the Branch Banking and Trust Company's (BB&T) proposal <br />was the most favorable. This proposal was also the lowest interest rate of 4.22% as well as the lowest overall <br />cost to the County. <br />A motion was made by Commissioner Brown, seconded by Commissioner Halkiotis to accept the <br />proposal from BB&T and to adopt the Resolution supporting an application to the Local Government <br />Commission for its approval of a financing agreement - 2002 Private Placement Installment Financing and to <br />adopt the Resolution providing for final approval of financing terms and documents and authorizing the Finance <br />Director to execute the documents necessary to complete the financing. (Resolutions attached) <br />VOTE: UNANIMOUS <br />This the 20th day of November, 2002 <br />~,~. _ <br />~ _ :. ~~ ~G'I/1i1i1 ,,~~~~'f~~~~ - <br />~~ Donna S. Baker, Clerk to the Board <br />' i e~' www.co.oranae.nc.us <br />j , % ~' _ <br />Protecting and preserving - People, Resources, Quality of Life <br />~~} ~: :. ~': ~~ Orange County, North Carolina - You Count! <br />, ~ -~ ~~ `~"u (999) 245-2130 • FAX (919) 644-0246 <br />'~~ ~~:.~ ~T~ ' <br />