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RES-2013-052 <br /> Resolution Approving Financing Terms and Documents <br /> for 2013 Installment Financins! <br /> WHEREAS-- <br /> Orange County has previously determined to carry out a plan (the "Project") to <br /> acquire, construct and finance various public improvements as identified in the County's <br /> capital improvement plan, and including the projects and improvements shown on <br /> Exhibit A. <br /> The County has solicited competitive proposals from financial institutions to <br /> provide the financing, and STI Institutional & Government, Inc. (the "Lender"), an <br /> affiliate of SunTrust Bank, has submitted the best proposal. <br /> The County's Finance Officer has made available to this Board the draft <br /> agreements listed on Exhibit B (the "Agreements"), which relate to the County's carrying <br /> out the financing plan. <br /> This resolution provides the County Board's final approval of the financing terms <br /> and documents for the financing of the Project. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> I. Determination To Proceed with Financing — The County confirms its <br /> plans to undertake the Project. The County will carry out the plan with financing from the <br /> Lender, substantially in accordance with the Lender's financing proposal. <br /> Under the financing plan, the Lender will make funds available to the County for <br /> use on Project costs. The County will repay the amount advanced, with interest, over <br /> time. The County will grant to the Lender a mortgage-type interest in the County's <br /> Southern Human Services Center and the North Administrative Building to secure the <br /> County's repayment obligation. <br /> 2. Approval of Agreements; Direction To Execute Agreements -- The Board <br /> approves the forms of the Agreements submitted to this meeting. The Board authorizes <br /> the Board's Chair and the County Manager, or either of them, to execute and deliver the <br /> Agreements in their final forms. The Agreements in their respective final forms must be <br /> in substantially the forms presented, with such changes as the Chair or the County <br /> Manager may approve. The execution and delivery of any Agreement by an authorized <br />