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<br />A motion was made by Commissioner Nelson, seconded by Commissioner Foushee to <br />approve the adoption of a resolution required for the County to pursue alternative financing for <br />various capital projects as stated below: <br />2007 Orange County installment financing for various projects -Resolution <br />supporting an application to the Local Government Commission for its approval of a <br />financing agreement, and taking other appropriate action <br />WHEREAS - <br />The Orange County Board of Commissioners has made a preliminary determination to <br />use installment financing to provide funds, to be used with other available funds, to pay costs <br />related to the various capital projects described on Exhibit A. <br />The County has solicited competitive proposals to provide the desired financing, and <br />SunTrust Bank ("SunTrust"} has submitted the best proposal. <br />Under the guidelines of the North Carolina Local Government Commission (the "LGC"}, <br />this governing body must make certain findings of fact to support the County's application for <br />the LGC's approval of the County's proposed financing arrangements for the projects. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />The Board makes a preliminary determination to finance the projects described <br />above by use of installment financing. The total amount to be financed will not <br />exceed $50,057,000, plus amounts that may be needed to pay financing costs and <br />to pay other necessary and related costs. The listing of capital projects to be <br />financed as described on Exhibit A is tentative and subject to final Board action at a <br />later meeting. <br />The County makes a tentative determination to accept the SunTrust proposal dated <br />March 13, 2007, to provide the contemplated financing. This determination is <br />subject to final approval by the Board after the required public hearing, approval by <br />the LGC, completion of documentation acceptable to the Board and negotiation of <br />final financing terms between the County and SunTrust. <br />The County's Finance Officer is authorized and directed to file an application with the <br />LGC for its approval of the project and the proposed financing arrangements and to <br />take all necessary and appropriate action related to the LGC approval process. The <br />Board appoints the Finance Director as the County's authorized representative with <br />respect to the LGC application process. <br />The County requests that the LGC approve the County's application far such <br />financing. The Board makes the following findings of fact in support of its application <br />for approval and its determination to proceed with this financing: <br />a. The proposed projects are appropriate for the County under all the <br />circumstances. The Board has considered these projects an multiple <br />occasions as part of the Board's capital investment planning process. <br />b. The proposed installment financing is preferable to a bond issue for the same <br />purpose. It is appropriate for the County to balance its capital finance <br />program between bonds and installment financing, and the County has <br />already applied some general obligation bond funds and other resources to <br />these projects, especially including the school projects. <br />c. The estimated sums to fall due under the proposed financing contract are <br />adequate and not excessive for the proposed purpose. The SunTrust <br />