Agenda - 03-18-1997 - 5a - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: March 18, 1997 Action Agenda Item No. 9—a SUBJECT: Modification of Installment Purchase Agreement- Southern Village Elementary School DEPARTMENT: Finance PUBLIC HEARING: (Y/1S) BUDGET AMENDMENT: (Y/N) ATTACHMENT(S): INFORMATION CONTACT: Resolution Ken Chavious Ext. 2453 Agreement Modification TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 PURPOSE: To consider a resolution and modification to the Installment Purchase Agreement for the Financing of the Southern Village Elementary School. BACKGROUND: On November 19, 1996 the Board of County Commissioners approved a financing plan for the Southern Village Elementary School. The plan consisted of the acceptance of a financing proposal submitted by BB&T Public Finance for$14 million. The proposal accepted by the Board contained provisions to allow the County to remain bank qualified by dividing the funding into two parts, $5 million in 1996 and$9 million in 1997. The Board approved the Installment Purchase Agreement for the first$5 million on December 17, 1996. In order to take advantage of the favorable rates proposed by BB&T, the County is required to close on the remaining$9 million of the financing plan by March 20, 1997. Board action is necessary in order to facilitate this closing. The required actions consist of adoption of a resolution authorizing the transaction and adoption of an Installment Purchase Agreement modification on the remaining$9 million. All of the required documents have been prepared by Bond Counsel. RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution, approve the Installment Purchase Agreement modification and authorize the Chair to execute the documents.