RES-1994-005 Resolution In Support of County Financings For School Construction Under Section 160A-20

Browse Search

P19F i- ig- 9q V-8 ORANGE COUNTY BOARD OF CONXISSIONERS ORANGE COUNTY BOARD OF EDUCATION CHAPEL HILL-CARRBORO BOARD OF EDUCATION A RESOLUTION IN SUPPORT OF COUNTY FINANCINGS FOR SCHOOL CONSTRUCTION UNDER SECTION 160A-20 WHEREAS, Section 160A-20 of the North Carolina General Statutes authorizes local governments to engage in "installment financings" , whereby North Carolina counties, cities and certain other governmental units can borrow money on a non-recourse basis by securing the'_- repayment obligations with a pledge (mortgage) of properties to be improved or financed with the financing proceeds; and WHEREAS, Section 160A-20 does not authorize such financings by Boards of Education; and WHEREAS, several North Carolina counties have obtained local legislation which enables those counties to undertake 160A-20 financings for school purposes on behalf of Boards of Education within those counties, and; WHEREAS, similar local legislation would authorize Orang3 County to own and construct school buildings and to equip school buildings constructed and would autho-ize the Boards of Education in Orange County to convey property to the County to enable the County to own, construct, and equip school buildings using 160A-20 financing; and WHEREAS, the Orange County Board of Commissioners, the Orange County Board of Education and the Chapel Hill-Carrboro Board of Education have determined that 160A-20 financing is one appropriate method for financing school building projects; NOW, THEREFORE the Orange County Board of Commissioners, the Orange County Board of Education, and the Chapel Hill- Carrboro Board of Education do hereby jointly request the legislative delegation representing Orange County to introduce and support the attached local legislation during the 1994 Short Session of the North Carolina General Assembly. This, the 18th day of January, 1994 .