Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects

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3 RES-2016-032 Attachment 1 Resolution providing final approval of terms and documents for 2016 County installment financing WHEREAS-- The Board of Commissioners has previously determined to carry out a plan (the "Project") to acquire, construct and finance various public improvements, and in particular the public improvements and undertakings described in Exhibit A. The Board has also determined to finance Project costs through the use of an installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. The Orange County Board of Education will transfer the Grady Brown School property to the County for use as collateral for the financing. The County has solicited competitive proposals from banks and other financial institutions to provide the desired financing, and First Bank (the "Bank") has submitted the best proposal. The County's Finance Officer has made available to this Board the draft agreements listed on Exhibit A (the "Agreements"), which relate to the County's carrying out the financing plan. This resolution provides the County Board's final approval of the financing terms and documents for the Project. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Proceed with Financing - The County confirms its plans to undertake the Project. The County will carry out the Project with financing from the Bank substantially in accordance with a financing proposal dated March 21, 2016. Under the financing plan, the Bank will make funds available to the County for use on Project costs. The County will repay the amount advanced, with interest, over time. The County will grant to the Bank a mortgage-type interest in the Grady Brown School property to secure the County's repayment obligation.