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2 � <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> ORANGE COUNTY BOARD OF EDUCATION <br /> CHAPEL HILL-CARRBORO BOARD OF EDUCATION <br /> A RESOLUTION IN SUPPORT OF COUNTY FINANCINGS FOR SCHOOL <br /> CONSTRUCTION UNDER SECTION 16OA-20 <br /> WHEREAS, Section 160A-20 of the North Carolina General <br /> Statutes authorizes local governments to engage in <br /> "installment financings", whereby North Carolina counties, <br /> cities and certain other governmental units can borrow money <br /> on a non-recourse basis by securing their repayment <br /> obligations with a pledge (mortgage) of properties to be <br /> improved or financed with the financing proceeds; and <br /> WHEREAS, Section 160A-20 does not authorize such financings <br /> by Boards of Education; and <br /> WHEREAS, several North Carolina counties have obtained local <br /> legislation which enables those counties to undertake 160A-20 <br /> financings for school purposes on behalf of Boards of <br /> Education within those counties, and; <br /> WHEREAS, similar local legislation would authorize Orange <br /> County to own and construct school buildings and to equip <br /> school buildings constructed and would authorize the Boards <br /> of Education in Orange County to convey property to the <br /> County to enable the County to own, construct, and equip <br /> school buildings using 160A-20 financing; and <br /> WHEREAS, the Orange County Board of Commissioners, the Orange <br /> County Board of Education and the Chapel Hill-Carrboro Board <br /> of Education have determined that 160A-20 financing is one <br /> appropriate method for financing school building projects; <br /> NOW, THEREFORE the Orange County Board of Commissioners, the <br /> Orange County Board of Education, and the Chapel Hill- <br /> Carrboro Board of Education do hereby jointly request the <br /> legislative delegation representing Orange County to <br /> introduce and support the attached local legislation during <br /> the 1994 Short Session of the North Carolina General <br /> Assembly. <br /> This, the 18th day of January, 1994. <br />