Agenda - 03-02-2006-8bOS - Laserfiche WebLink

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Fiscal Year Ending June 30 TOTAL Principal Component of Interest Component. of Installment Pa~lnents InstalLnent Payments THE C011~IP ANY Total The Company is organized under the North Carolina Nonprofit Corporation Act. (N.C.G.S. Chapter 55A-1 et seq., as amended, the "Act") and is authorized under the Act to carry out the purposes set forth in its articles of incorporation. The Company was organized for the purpose of, among other things, assisting the County in carrying out its municipal and governmental functions through the financing, acquisition, construction, operation, sale or lease of real estate, improvements and facilities such as the Facilities and to enter into agreements with the County and other relevant parties to facilitate such essential projects. Pursuant to its articles of incorporation, the Company is empowered to buy, hold, own, sell, assign, mortgage or lease any interest in real estate and personal property in the manner contemplated by the Financing Contract and to construct, maintain and operate improvements thereon necessary or incident to the accomplishment of the purpose of promoting the general welfare of the citizens of the County by assisting the County in carrying out its municipal and govel~rlmental functions through the acquisition, construction, operation, sale or lease of real estate and improvements, facilities and equipment for the use and benefit of the general public. The Company has no taxing power. ORANGE COUNTY, NORTH CAROLINA THE COIJNTI' General Description The County, founded in 1752, is located in the north-central portion of the State on the Piedmont Plateau. Bisected from east to west by Interstate Higher-ay 85, the County lies approximately midway between the Cities of Atlanta, Georgia and ~A~ashington, D.C. The County is part of the Raleigh-Durham Metropolitan Statistical Area, which also includes the Research Triangle Park, a major complex of research and research-oriented manufacturing facilities. There are four municipalities in the County: the Towns of Chapel Hill and Carrboro in the southeastern part of the County and the Town of Hillsborough and the City of Mebane in the central corridor of the County along Interstate Highway 85 and Interstate Highway 40. Population estimates by the North Carolina Office of State Budget and Management for the year 2003 are: Chapel Hill - 51,485, Cairboro - 17,585, Hillsborough - 5,541 and Mebane - 7,864. The Town of Chapel Hill, home of the University of North Carolina at Chapel Hill, is the largest municipality in the County, and its population plus that of the adjacent Town of Carrboro C-883836v4 13361.00022 13