RES-2015-019 Resolution supporting an application to the Local Government Commission for its approval of a financing agreement for the County

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P)qF - a1D6' 6-b RES-2015-019 Resolution supporting an application to the Local Government Commission for its approval of a financing agreement for the County WHEREAS-- The Board of Commissioners has previously determined to carry out the acquisition and construction of various public improvements, as identified in the County's capital improvement plan, and County staff has determined and advised the Board that refinancing all or a portion of two prior installment financings may provide savings to the County. The Board desires to finance the costs of these projects and to carry out the refinancing by the use of an installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. Under the guidelines of the North Carolina Local Government Commission, the Board must make certain findings of fact to support the County's application for the LGC's approval of the County's proposed financing arrangements. THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, that the County makes a preliminary determination to finance approximately $26,470,000 to pay capital costs of various public improvements and to carry out the refinancing. The proposed list of projects and improvements to be financed appears in Exhibit A. The two financings that are to be refinanced are a) a 2006 installment financing contract secured by Carrboro High School and b) a 2006 Certificates of Participation installment financing secured by Gravelly Hill Middle School. The Board will determine the final amount to be financed by a later resolution. The final amount financed may be slightly lower or slightly higher than $26,470,000. Some of the financing proceeds may provide reimbursement to the County for prior expenditures on project costs, some proceeds may be used to pay financing expenses, and some proceeds may be used to provide any appropriate reserves. BE IT FURTHER RESOLVED that the Board of Commissioners makes the following findings of fact: (a) The proposed projects are necessary and appropriate for the County under all the circumstances. The proposed refinancings are necessary and appropriate for the County under all the circumstances because the refinancings will produce substantial debt service savings.