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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 19, 2016 <br /> Action Agenda <br /> Item No. 7-a <br /> SUBJECT: Adoption of the FY 2015-16 Final Financing Resolution Authorizing the <br /> Issuance of$8,150,000 in Installment Purchase Financing for Various Capital <br /> Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Resolution Approving Gary Donaldson, (919) 245-2453 <br /> Financing Terms and Paul Laughton, (919) 245-2152 <br /> Documents for 2016 Robert Jessup, (919) 933-9891 <br /> Installment Financing <br /> Attachment 2. Financing Contract <br /> Attachment 3. Deed of Trust <br /> Attachment 4. Grady Brown Lease <br /> Agreement <br /> Attachment 5. Project Completion and <br /> Agency Agreement <br /> Attachment 6. Draft Debt Service <br /> Schedule <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of approximately <br /> $8,150,000 in installment financing to finance capital investment projects and equipment for <br /> fiscal year 2015-16 and including amounts to pay transaction costs. <br /> BACKGROUND: At the March 22, 2016 meeting, the Board of County Commissioners received <br /> preliminary information on 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. The financing will also include amounts to pay transaction <br /> costs. <br /> The statutes require that the County conduct a public hearing on the proposed financing and <br /> refinancing contracts. The Board conducted the public hearing at its March 22, 2016 meeting, <br /> and adopted the resolution supporting the application to the Local Government Commission <br /> (LGC) for approval of the financing. County staff has been in contact with the LGC staff, and <br /> staff expects no issues to receiving LGC approval. <br />