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13 <br /> 1 Commissioner Gordon said that she understood that the facility space needs report <br /> 2 would be coming in May. She wants to make sure that work has not already been done. <br /> 3 Chair Jacobs said when Commissioner Gordon brought this up previously; Jeff <br /> 4 Thompson said that there would be no work done on the geothermal wells before the end of the <br /> 5 fiscal year. He said there would be time to discuss the siting in more detail. <br /> 6 Commissioner Gordon said she said she would be comfortable if the Board agreed by <br /> 7 consensus that they agree on this process to review wells before siting. <br /> 8 <br /> 9 RES-2013-040 <br /> 10 Resolution Supporting an Application to the Local Government Commission for <br /> 11 its Approval of a Financing Agreement for the County <br /> 12 <br /> 13 WHEREAS, <br /> 14 The Board of Commissioners has previously determined to carry out the acquisition and <br /> 15 construction of various public improvements, as identified in the County's capital improvement <br /> 16 plan. <br /> 17 <br /> 18 The Board desires to finance the costs of these projects by the use of an installment <br /> 19 financing, as authorized under Section 160A-20 of the North Carolina General Statutes. <br /> 20 <br /> 21 Under the guidelines of the North Carolina Local Government Commission, the Board <br /> 22 must make certain findings of fact to support the County's application for the LGC's approval of <br /> 23 the County's proposed financing arrangements. <br /> 24 <br /> 25 THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange <br /> 26 County, North Carolina, that the County makes a preliminary determination to finance <br /> 27 approximately $10,000,000 to pay capital costs of various public improvements. The proposed <br /> 28 list of projects and improvements to be financed appears on Exhibit A. <br /> 29 <br /> 30 The Board will determine the final amount to be financed by a later resolution. The final <br /> 31 amount financed may be slightly lower or slightly higher than $10,000,000. Some of the <br /> 32 financing proceeds may provide reimbursement to the County for prior expenditures on project <br /> 33 costs, and some proceeds may be used to pay financing costs. <br /> 34 <br /> 35 BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br /> 36 following findings of fact: <br /> 37 <br /> 38 (a) The proposed projects are necessary and appropriate for the County under all <br /> 39 the circumstances. <br /> 40 <br /> 41 (b) The proposed installment financing is preferable to a bond issue for the same <br /> 42 purposes. <br /> 43 <br /> 44 The County has no meaningful ability to issue non-voted general obligation bonds for <br /> 45 this project. These projects will not produce sufficient revenues to support a self-liquidating <br /> 46 financing. The County has in the past issued substantial amounts of voter-approved bonds, and <br /> 47 it is appropriate for the County to balance its capital finance program between bonds and <br /> 48 installment financing. <br /> 49 <br />