Orange County NC Website
Browse       Search
4 <br /> RES-2017-021 Attachment 2 <br /> s*h draft of August 31 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County financing agreement <br /> for the refinancing of existing loans <br /> WHEREAS-- <br /> The County has determined that it can save money by refinancing some of its <br /> existing installment contracts. The refinancings will save the County money without <br /> extending the terms of the existing loans. <br /> The County desires to carry out this refinancing using a single new <br /> installment financing contract, as authorized under Section 160A-20 of the North <br /> 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 $51,000,000 to refinance existing obligations. The County <br /> requests that the LGC approve the County's application for this new financing. <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 /> $51,000,000. Some of the financing proceeds may be used to pay financing expenses <br /> or to provide any required reserves. <br /> The Board will also determine the collateral for the financing by a subsequent <br /> resolution. The collateral will consist of some or all of the property purchased or <br /> improved through the loans that are being refinanced, and the County expects this <br /> will primarily be collateral pledged to County financings from 2011 and 2012. The <br /> collateral for the 2011 and 2012 financings consists principally of Morris Grove <br /> Elementary School, the County Justice Facility, Northside Elementary School, the <br />