Orange County NC Website
Browse       Search
3 <br /> RES-2017-041 <br /> Resolution Providing Final Approval of Terms and Documents <br /> For 2017 Combined Projects Installment Financing <br /> WHEREAS-- <br /> The Board of Commissioners has previously determined to carry out a plan <br /> (the "Project") to acquire, construct and finance various public improvements, and in <br /> particular the public improvements and undertakings described in Exhibit A. The <br /> Board has also determined to finance Project costs by using an installment financing <br /> as authorized under Section 160A-20 of the General Statutes. <br /> The County has solicited competitive proposals from banks and other financial <br /> institutions to provide the desired financing, and Sterling National Bank (the <br /> "Lender") has submitted the best proposal. <br /> The County's Finance Officer has made available to this Board the draft <br /> agreements listed on Exhibit B (the "Agreements"), which relate to the County's <br /> carrying out the financing plan. <br /> This resolution provides the County Board's final approval of the financing <br /> terms and documents for the Project. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> 1. Determination To Proceed with Financing - The County confirms its <br /> plans to undertake the Project. The County will carry out the Project with financing <br /> from the Lender substantially in accordance with a financing proposal dated May 3, <br /> 2017. <br /> Under the financing plan, the Lender 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 the Lender a mortgage-type interest in the <br /> Orange County Sportsplex (and its associated real property) to secure the County's <br /> repayment obligation. <br />