Orange County NC Website
RES-2013-077 <br /> s � . <br /> Resolution Supporting an Application to the Local Government Commission for <br /> its Approval of a Financing Agreement for the County <br /> WHEREAS-- <br /> The Board of Commissioners has previously determined to carry out the <br /> acquisition and construction of various public improvements, as identified in the <br /> County's capital improvement plan. <br /> The Board desires to finance the costs of these projects by the use of an <br /> installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. <br /> Under the guidelines of the North Carolina Local Government Commission, the <br /> Board must make certain findings of fact to support the County's application for the <br /> LGC's approval of the County's proposed financing arrangements. <br /> THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, that the County makes a preliminary determination to finance <br /> approximately $10,500,000 to pay capital costs of various public improvements. The <br /> proposed list of projects and improvements to be financed appears on Exhibit A. <br /> The Board will determine the final amount to be financed by a later resolution. <br /> The final amount financed may be slightly lower or slightly higher than $10,500,000. <br /> Some of the financing proceeds may provide reimbursement to the County for prior <br /> expenditures on project costs, and some proceeds may be used to pay financing costs. <br /> BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br /> following findings of fact: <br /> (a) The proposed projects are necessary and appropriate for the County under <br /> all the circumstances. <br /> (b) The proposed installment financing is preferable to a bond issue for the <br /> same purposes. <br /> The County has no meaningful ability to issue non-voted general obligation bonds <br /> for this project. These projects will not produce sufficient revenues to support a self- <br /> liquidating financing. The County has in the past issued substantial amounts of voter- <br /> approved bonds, and it is appropriate for the County to balance its capital finance <br /> program between bonds and installment financing. <br />