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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No ..v-13 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 20, 1994 <br /> SUBJECT: Elementary School Financing Resolution <br /> DEPARTMENT: County Attorney PUBLIC HEARING YES NO X <br /> ATTACHMENT(S) : INFORMATION CONTACT <br /> Resolution w/Attachments Geof Gledhill, 732-2196 <br /> (under separate cover) TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To approve a resolution necessary to complete the financing <br /> arrangements for the new Chapel Hill-Carrboro City Schools (CHCCS) <br /> elementary school. <br /> BACKGROUND: At the December 5, 1994 meeting, the Board of Commissioners <br /> approved a financing agreement with NationsBank for $9 .6 million for <br /> the construction of the new CHCCS elementary school, which will be <br /> situated on a portion of the CHCCS owned property also occupied by the <br /> new McDougle Middle School. The North Carolina Local Government <br /> Commission approved the County' s financing application for the new <br /> school at their meeting on Tuesday, December 6. <br /> Adoption of the attached resolution will accomplish several procedural <br /> requirements related to the acquisition, construction, and equipping of <br /> the new CHCCS elementary school. Documents incorporated by reference <br /> in the resolution (the Agreement, the Installment Purchase Contract, <br /> the Deed of Trust, the Lease, and the General Warranty Deed) are <br /> transmitted under separate cover. <br /> RECOMMENDATION: The Manager recommends that the Board of Commissioners <br /> approve the resolution. <br />