RES-2015-029 Resolution providing final approval of terms and documents for 2015 County installment financing

Browse Search

RES-2015-029 pff - � Q Resolution providing final approval of terms and documents for 2015 County installment financing WHEREAS-- The Board of Commissioners has previously determined to undertake the acquisition, construction and equipping of the public assets and improvements described on Exhibit A (collectively, the "Project"). In addition, the Board has determined to refinance certain County obligations, in particular (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, in order to achieve savings through lower interest rates. The Board has made a tentative determination to finance the Project costs and the refinancing costs by the use of an installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. The Board believes that a single installment financing would be in the County's best interest. This financing will include the use of limited obligation bonds, which will represent interests in the installment payments to be made by the County that can be sold to investors. The County staff has made available to the Board the draft documents listed on Exhibit B (the "Documents"), and a draft of an official statement designed to provide information about the County and the financing to prospective investors in the bonds. All of these items relate to the County's carrying out the financing plan. This resolution provides the County Board's final approval of the financing terms and the substantially final financing documents. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County,North Carolina, as follows: 1. Determination To Proceed with Financing-- The Board confirms its decision to carry out the proposed installment financing as described above. As part of this financing, the County will refinance such of the two existing 2006 County installment financing obligations referenced in the preamble to this resolution(the "2006 Obligations") as the Finance Officer may determine. Under the financing plan, the County will receive funds to carry out the Project and complete the refinancing of the 2006 Obligations. The County will repay the funds over time, with interest. The County will secure its repayment obligation by granting a mortgage-like interest in the Gravelly Hill school property. 2. Approval of Documents; Direction To Execute Documents -- The Board approves the forms of the Documents submitted to this meeting. The Board authorizes the Chair and the County Manager, or either of them, to execute and deliver those Documents to which the County is a party. The Documents in their respective final forms must be in substantially the forms presented, with such changes as the Chair or the County Manager may approve. The execution and delivery of any Document by an authorized County officer will be conclusive evidence of that officer's approval of any changes.