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4 <br />RES- 2013 -093 Attachment 2 <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 />