RES-2017-056 Resolution supporting an application to the LGC for its approval of a County financing agreement for the refinancing of existing loans

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PhF 9-j?-,z/� IZES-2017-056 5QJ Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement for the refinancing of existing loans WHEREAS-- The County has determined that it can save money by refinancing some of its existing installment contracts. The refinancings will save the County money without extending the terms of the existing loans. The County desires to carry out this refinancing using a single new installment financing contract, as authorized under Section 160A-20 of the North Carolina General Statutes. Under the guidelines of the North Carolina Local Government Commission, this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's financing arrangements. THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, that the County makes a preliminary determination to finance approximately $51,000,000 to refinance existing obligations. The County requests that the LGC approve the County's application for this new financing. The Board will determine the final amount to be financed by a later resolution.The final amount financed may be slightly lower or slightly higher than $51,000,000. Some of the financing proceeds may be used to pay financing expenses or to provide any required reserves. The Board will also determine the collateral for the financing by a subsequent resolution. The collateral will consist of some or all of the property purchased or improved through the loans that are being refinanced, and the County expects this will primarily be collateral pledged to County financings from 2011 and 2012.The collateral for the 2011 and 2012 financings consists principally of Morris Grove Elementary School, the County Justice Facility, Northside Elementary School, the Orange County library building in Hillsborough, and the County's West Campus Office Building located at 131 West Margaret Lane in Hillsborough. The Chapel Hill —Carrboro City School Board previously approved the use of those schools as collateral for the 2011 and 2012 financings. BE IT FURTHER RESOLVED that the Board of Commissioners makes the following findings of fact in accordance with LGC guidelines: (1) The proposed refinancing appropriate for the County under all the circumstances.