RES-2016-020 Resolution support an application to the Local Government Commission for its approval of a County financing agreement

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Av 3-0a -o Lv 4 5a RES-2016-020 Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement 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. The Board of Commissioners desires to finance the costs of these projects by the use of an installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. Under the County's financing plan, the County will acquire Grady Brown Elementary School (and its associated land and buildings) from the Orange County Board of Education, and use that property as the collateral for the financing. The Board of Education has approved this property transfer. Under the guidelines of the North Carolina Local Government Commission, this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's 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 an amount estimated as up to approximately $8,150,000 to pay capital costs of various public improvements, and in particular the improvements shown on Exhibit A. 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 $8,150,000. Some of the financing proceeds may represent reimbursement to the County for prior expenditures on project costs, and some proceeds may be used to pay financing costs. BE IT FURTHER RESOLVED that the Board of Commissioners makes the following findings of fact: