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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 19, 2015 <br />Action Agenda <br />Item No. 7 -c <br />SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of <br />$15,870,000 in Installment Financing for Various Capital Investment Plan <br />Projects and Equipment, and the Refinancing of Approximately $10,200,000 <br />from Two 2006 Installment Financing Issuances <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />Attachment 1. April 7, 2015 Public <br />Hearing Agenda Abstract <br />Attachment 2. Resolution Providing Final <br />Approval of Terms and <br />Documents for 2015 <br />County Installment <br />Financing (Beginning on <br />Page #15 of this <br />Package) <br />INFORMATION CONTACT: <br />Paul Laughton, (919) 245 -2152 <br />Robert Jessup, (919) 933 -9891 <br />PURPOSE: To adopt the final financing resolution authorizing the issuance of approximately <br />$15,870,000 in installment financing to finance capital investment projects and equipment for <br />the year, and the refinancing of approximately $10,200,000 from two 2006 installment financing <br />issuances, with the financing will also including amounts to pay transaction costs. <br />BACKGROUND: At its November 6, 2014 meeting, the Board of County Commissioners was <br />given preliminary information of capital projects and equipment financing for the year. At that <br />meeting, the Board made a preliminary determination to finance costs of these projects and <br />equipment by the use of an installment financing, as authorized under Section 160A -20 of the <br />North Carolina General Statutes. <br />Also included is the refinancing of approximately $10,200,000 from a 2006 installment financing <br />secured by Carrboro High School, and a 2006 Certificates of Participation installment financing <br />secured by Gravelly Hill Middle School. <br />The statutes require that the County conduct a public hearing on the proposed financing and <br />refinancing contracts. The Board conducted a public hearing at its April 7, 2015 meeting, and <br />adopted the resolution supporting the application to the Local Government Commission (LGC) <br />