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5 <br /> RES-2016-020 Attachment 2 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County financing agreement <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. <br /> The Board of Commissioners desires to finance the costs of these projects by <br /> the use of an installment financing, as authorized under Section 160A-20 of the <br /> North Carolina General Statutes. Under the County's financing plan, the County will <br /> acquire Grady Brown Elementary School (and its associated land and buildings) <br /> from the Orange County Board of Education, and use that property as the collateral <br /> for the financing. The Board of Education has approved this property transfer. <br /> Under the guidelines of the North Carolina Local Government Commission, <br /> this governing body must make certain findings of fact to support the County's <br /> application for the LGC's approval of the County's 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 <br /> finance an amount estimated as up to approximately $8,150,000 to pay capital costs <br /> of various public improvements, and in particular the improvements shown on <br /> Exhibit A. <br /> The Board will determine the final amount to be financed by a later <br /> resolution. The final amount financed may be slightly lower or slightly higher than <br /> $8,150,000. Some of the financing proceeds may represent reimbursement to the <br /> County for prior expenditures on project costs, and some proceeds may be used to <br /> pay financing costs. <br /> BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br /> following findings of fact: <br />