Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 2, 1996 <br /> Action Agenda <br /> Item No. <br /> Ai <br /> SUBJECT: Southern Village Elementary School Financing Resolution <br /> DEPARTMENT: County Attorney PUBLIC HEARING: (Y/1) <br /> BUDGET AMENDMENT: (Y/1) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Resolution w/Attachments (separate cover) Geof Gledhill, 732-2196 <br /> Deed of Trust and Financing Agreement <br /> Escrow Agreement <br /> Lease-Orange County/CHCCS TELEPHONE NUMBERS: <br /> Agency Agreement-Orange County/CHCCS Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> PURPOSE: To approve a resolution necessary to complete the financing arrangements <br /> for the new Chapel Hill-Carrboro City Schools(CHCCS)elementary school to be constructed in the <br /> Southern Village development. <br /> BACKGROUND: At the November 19, 1996 meeting,the Board of Commissioners conducted a <br /> dual purpose public hearing on a proposed financing agreement for construction of the Southern <br /> Village Elementary School,and on the acquisition by the County of the school site from the Chapel <br /> Hill-Carrboro Board of Education. There were no speakers at the public hearing,and the Board <br /> subsequently adopted a resolution approving the arrangements in principal,and authorizing staff, <br /> attorney, and bond counsel to complete documents necessary to carry out the financing. The North <br /> Carolina Local Government Commission will consider the County's application for approval of the <br /> installment purchase agreement for construction of the school. <br /> Bond counsel has prepared the attached resolution, which will accomplish several procedural <br /> requirements related to the acquisition, construction, and equipping of the Southern village <br /> Elementary school. Documents incorporated by reference(the Deed of Trust and Financing <br /> Agreement,the escrow Agreement,the Lease, and the Agency Agreement)in the resolution are <br /> transmitted under separate cover. <br /> RECOMMENDATION(S): The Manager recommends that the Board adopt the attached <br /> resolution. <br />