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9 <br />RES- 2015 -019 <br />Attachment 3 <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, and County staff has determined and advised the <br />Board that refinancing all or a portion of two prior installment financings may provide <br />savings to the County. <br />The Board desires to finance the costs of these projects and to carry out the <br />refinancing by the use of an installment financing, as authorized under Section 160A -20 <br />of the North Carolina 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 $26,470,000 to pay capital costs of various public improvements and to <br />carry out the refinancing. The proposed list of projects and improvements to be financed <br />appears in Exhibit A. The two financings that are to be refinanced are a) a 2006 <br />installment financing contract secured by Carrboro High School and b) a 2006 <br />Certificates of Participation installment financing secured by Gravelly Hill Middle <br />School. <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 $26,470,000. <br />Some of the financing proceeds may provide reimbursement to the County for prior <br />expenditures on project costs, some proceeds may be used to pay financing expenses, and <br />some proceeds may be used to provide any appropriate reserves. <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. The proposed refinancings are necessary and appropriate for the <br />County under all the circumstances because the refinancings will produce substantial debt <br />service savings. <br />