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RES-2017-023 Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement
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RES-2017-023 Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement
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Last modified
3/5/2019 2:34:49 PM
Creation date
5/3/2017 9:44:33 AM
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BOCC
Date
5/2/2017
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-02-2017 - 5-a - Public Hearing on the Financing of Various Capital Investment Plan Projects
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2010's\2017\Agenda - 05-02-2017 - Regular Mtg.
Minutes 05-02-2017
(Attachment)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2017
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P707F <br /> RES-2017-023 56L <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County financing agreement <br /> WHEREAS-- <br /> The Board of Commissioners has previously determined to carry out the <br /> acquisition and construction of various public improvements, as identified in the <br /> County's capital improvement plan. <br /> The Board of Commissioners desires to finance the costs of these projects by <br /> the use of an installment financing, as authorized under Section 160A-20 of the <br /> North Carolina General Statutes. <br /> Under the guidelines of the North Carolina Local Government Commission, <br /> this governing body must make certain findings of fact to support the County's <br /> application for the LGC's approval of the County's financing arrangements. <br /> THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, that the County makes a preliminary determination to <br /> finance approximately $13,600,000 to pay capital costs of various public <br /> improvements, and in particular the improvements shown on Exhibit A. <br /> The Board will determine the final amount to be financed by a later <br /> resolution. The final amount financed may be slightly lower or slightly higher than <br /> $13,600,000. Some of the financing proceeds may represent reimbursement to the <br /> County for prior expenditures on project costs, and some proceeds may be used to <br /> pay financing expenses or to provide any required reserves. <br /> BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br /> following findings of fact: <br /> (1) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. <br />
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