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Agenda - 05-03-2007-5a
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Agenda - 05-03-2007-5a
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Last modified
9/1/2008 11:49:06 PM
Creation date
8/28/2008 11:46:43 AM
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BOCC
Date
5/3/2007
Document Type
Agenda
Agenda Item
5a
Document Relationships
Minutes - 20070503
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2007
RES-2007-037 Resolution Providing Final Approval for County Installment Financing
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2000-2009\2007
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3 <br />Resolution Providing Final Approval for County Installment Financing <br />WHEREAS: <br />By resolution adopted April 10, 2007, the Orange County Board of <br />Commissioners made a preliminary determination to carry out a plan to finance <br />certain public projects through an installment financing with SunTrust Leasing <br />Corporation ("SunTrust"). <br />The County's Finance Officer has made available to this Board the draft <br />documents listed on Exhibit B (the "Documents"), relating to the County's carrying <br />out the financing plan. <br />N®W, THEREFORE, BE IT .RESOLVED by the Board of Commissioners <br />of Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Projects -- The Board confirms its <br />decision to carry out the financing plan for the projects described on Exhibit A (the <br />"Projects"). The County will carry out the plan with financing from SunTrust, <br />generally in accordance with a financing proposal from SunTrust dated March 13, <br />2007. <br />Under the financing plan, SunTrust will make funds available to the County <br />for use on Project costs. The County will repay the amount advanced, with interest, <br />over time. The County will grant to SunTrust a mortgage-type interest in the <br />Elementary School # 10 and the County Justice Facility (and, in each case, the <br />associated real property) to secure the County's repayment obligation. <br />2. Approval of Documents; Direction To Execute Documents -- The <br />Board approves the forms of the Documents submitted to this meeting. The Board <br />authorizes and directs the Board's Chair and the County Manager, or either of <br />them, to execute and deliver the Documents in their final forms. The Documents in <br />their respective final forms must be in substantially the forms presented, with such <br />changes as the Chair or the County Manager may approve. The execution and <br />delivery of any Document by an authorized County officer will be conclusive <br />evidence of his approval of any such changes. The Documents in final form, <br />however, must provide for the amount financed by the County not to exceed <br />$50,057,000, plus amounts that may be needed to pay financing costs and to pay <br />other necessary and related costs, and for a financing term not to extend beyond <br />December 31, 2027. <br />
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