Agenda - 10-02-1995 - V-B - Laserfiche WebLink

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r 1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. V-A ACTION AGENDA ITEM ABSTRACT Meeting Date: October 2, 1995 SUBJECT: Resolution Authorizing the Filing of an Application for Installment Purchase Financing for the Jail/Courthouse and Southern Human Services Center ------------------------------ ---------------------------------- DEPARTMENT: Finance PUBLIC HEARING YES: NO: X ------------------------------- ---------------------------------- ATTACHKENT(S) : INFORMATION CONTACT: Ken Chavious Resolution TELEPHONE NUMBER- Hillsborough - 732-8181 Chapel Hill - 968-4501 Mebane - 227-2031 Durham - 688-7331 ---------------------------------------------------------------------- PURPOSE: To consider adoption of a resolution indicating the County's intent to file an application with the Local Government Commission seeking approval for installment purchase financing to supplement available funds for the construction/renovation of the County Jail, Courthouse and Southern Human Services Center. BACKGROUND: At their regular meeting of September 5, 1995, the Board of Commissioners authorized staff to pursue installment purchase financing to supplement available funds for construction/renovation of the County Jail, Courthouse and Southern Human Services Center. The Board authorized financing in the amount of $2,000,000 through private placement. The North Carolina General Statutes (160A-20) require the Local Government Commission to approve all installment purchase financings in excess of $500,000 for periods in excess of five years. As a part of their review of this financing arrangement, the Local Government Commission requires a procedural step involving the County Commissioner's adoption of a "Resolution Authorizing the Filing of an Application for Approval of a Financing Agreement Authorized by N.C. G.S. 160A-20. " This procedure is identical to the process followed in last year's Elementary School financing. The attached resolution will satisfy the LGC and Statutory requirements. RECOMMENDATION(S) : The Manager recommends that the Board approve the resolution and authorize the Finance Director to execute all documents and procedural steps related to the installment purchase financing application process.