Minutes 02-21-2012 - Laserfiche WebLink

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