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12 <br /> 1 <br /> 2 The Orange County Board of Commissioners has previously determined to carry out the <br /> 3 acquisition and construction of a new elementary school for the Chapel Hill —Carrboro school <br /> 4 system, often referred to as "Elementary#11," and to finance the costs of this project by the <br /> 5 use of an installment financing, as authorized under Section 160A-20 of the North Carolina <br /> 6 General Statutes. <br /> 7 <br /> 8 The Board has also determined to fund approximately $3,500,000 for additional County <br /> 9 capital projects, including approximately $3.0 million for improvements to solid waste <br /> 10 convenience centers and approximately $500,000 for the purchase of three ambulances. <br /> 11 <br /> 12 County staff has further advised the Board that because of generally low borrowing <br /> 13 rates, the County may be able to save money by refinancing a variety of the County's existing <br /> 14 installment financings. <br /> 15 <br /> 16 The Board believes a single installment financing for the new school, the additional <br /> 17 County projects and to carry out refinancings would be in the County's best interest. This <br /> 18 financing will include the use of limited obligation bonds, which represent interests in the <br /> 19 installment payments to be made by the County. <br /> 20 <br /> 21 The County's Finance Officer has made available to this Board the draft documents <br /> 22 listed on Exhibit A (the "Documents"), and a draft of an official statement providing for the <br /> 23 disclosure of information to prospective investors in the County's financing obligations. All of <br /> 24 these items relate to the County's carrying out the financing plan. <br /> 25 <br /> 26 BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, <br /> 27 North Carolina, as follows: <br /> 28 <br /> 29 1. Determination To Proceed with Financing -- The Board confirms its decision <br /> 30 to carry out the proposed installment financing as described above. As part of this financing, the <br /> 31 County will refinance such existing County installment financing obligations as the Finance <br /> 32 Officer may determine. <br /> 33 <br /> 34 2. Approval of Documents; Direction To Execute Documents -- The Board <br /> 35 approves the forms of the Documents submitted to this meeting. The Board authorizes and <br /> 36 directs the Board's Chair and the County Manager, or either of them, to execute and deliver <br /> 37 those Documents to which the County is a party. The Documents in their respective final forms <br /> 38 must be in substantially the forms presented, with such changes as the Chair or the County <br /> 39 Manager may approve. The execution and delivery of any Document by an authorized County <br /> 40 officer will be conclusive evidence of such officer's approval of any such changes. The <br /> 41 Documents in final form, however, must provide for the principal amount of limited obligation <br /> 42 bonds to not exceed $75,000,000 and a financing term not to extend beyond December 31, <br /> 43 2032. The collateral pledged to the repayment of the County's obligations under the Documents <br /> 44 must include the property associated with the new elementary school and may include any <br /> 45 portion, or all, of the collateral pledged to the repayment of obligations that are refinanced, as <br /> 46 the Finance Officer may approve. The amount financed under the Documents may include <br /> 47 amounts to pay financing expenses and other necessary and incidental costs. <br /> 48 <br />