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12 <br /> f. Application for North Carolina Education Lottery Proceeds for Chapel Hill — Carrboro <br /> City Schools (CHCCS) and Contingent Approval of Budget Amendment#8-A Related to <br /> CHCCS Capital Project Ordinances <br /> The Board approved, and authorized the Chair to sign, the application for North Carolina <br /> Education Lottery Proceeds; and approved Budget Amendment#8-A receiving the Lottery <br /> Proceeds and the amended CHCCS Capital Project Ordinances, contingent on NCDPI's <br /> approval of the application. <br /> g. Amendment Outline Forms and Schedules — Hillsborough Area Economic <br /> Development District <br /> The Board approved process components and schedules for upcoming government-initiated <br /> amendments to the Town of Hillsborough/Orange County Central Orange Coordinated Area <br /> Land Use Plan, the Orange County Unified Development Ordinance (UDO), and the Orange <br /> County Zoning Atlas, and directed staff to proceed accordingly. <br /> 7. Regular Agenda <br /> a. Adoption of the FY 2015-16 Final Financing Resolution Authorizing the Issuance <br /> of$8,150,000 in Installment Purchase Financing for Various Capital Investment <br /> Plan Projects <br /> The Board considered approving the final financing resolution authorizing the issuance <br /> of approximately $8,150,000 in installment financing to finance capital investment projects and <br /> equipment for fiscal year 2015-16, including amounts to pay transaction costs. <br /> Gary Donaldson, Orange County Chief Financial Officer, reviewed the following <br /> information: <br /> BACKGROUND: <br /> At the March 22, 2016 meeting, the Board of County Commissioners received preliminary <br /> information on capital projects and equipment financing for the year. At that meeting, the <br /> Board made a preliminary determination to finance costs of these projects and equipment by <br /> the use of an installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. The financing will also include amounts to pay transaction 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 /> The four documents that the resolution approves are the following: <br /> • The Installment Financing Contract, between the County and First Bank, which <br /> provides for the Bank's advance of funds to the County for the County's undertaking of <br /> the project, sets out the County's repayment obligation, and sets out the County's other <br /> obligations, such as its obligations to care for the collateral. <br /> • The Deed of Trust and Security Agreement, which provides for a security interest in the <br /> Grady Brown School and its associated real property to secure the County's repayment <br /> obligation. This is the document that provides that if the County defaults on its <br /> obligations, the Bank can foreclose on the school property. <br /> 12 <br />