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3 <br />2007 Orange County installment financing for various projects -- Resolution <br />supporting an application. to the Locai Government Commission for its <br />approval of a financing agreement, and taking other appropriate action <br />WHEREAS -- <br />The Orange County Board of Commissioners has made a preliminary <br />determination to use installment financing to provide fiands, to be used with other <br />available funds, to pay costs related to the various capital projects described on <br />Exhibit A. <br />The County has solicited competitive proposals to provide the desired <br />financing, and SunTrust Bank ("SunTrust") has submitted the best proposal. <br />Under the guidelines of the North Carolina Local Government Commission <br />(the "LGC"), this governing body must make certain findings of fact to support the <br />County's application for the LGC's approval of the County's proposed financing <br />arrangements for the projects. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners <br />of Orange County, North Carolina, as follows: <br />1. The Board makes a preliminary determination to finance the projects <br />described above by use of installment financing. The total amount to be financed <br />will not exceed $50,057,000, plus amounts that may be needed to pay financing <br />costs and to pay other necessary and related costs. The listing of capital projects to <br />be financed as described on Exhibit A is tentative and subject to final.Board action <br />at a later meeting. <br />2. The County makes a tentative determination to accept the SunTrust <br />proposal dated March 13, 2007, to provide the contemplated financing. This <br />determination is subject to final approval by the Board after the required public <br />hearing, approval by the .LGC, completion of documentation acceptable to the <br />Board and negotiation of final financing terms between the County and SunTrust. <br />3. The County's Finance Officer is authorized and directed to file an <br />application with the LGC for its approval of the project and the proposed financing <br />arrangements and to take all necessary and appropriate action related to the LGC <br />