Agenda - 10-17-2017 - 8-d - Resolution to Refinance Existing Loan Obligations

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3 RES-2017-069 s*h draft of October 2 Resolution providing final approval of terms and documents for 2017 County installment financing WHEREAS-- The Board of Commissioners has previously determined to refinance certain County obligations to achieve savings through lower interest rates. Exhibit A describes some of the existing County obligations being considered for refinancing. The Board has made a tentative determination to carry out the refinancing using a new installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. This financing plan also includes the use of limited obligation bonds, which represent interests in the installment payments to be made by the County that can be sold to investors. The County staff has made available to the Board the draft documents listed on Exhibit B (the "Documents"), and a draft of an official statement designed to provide information about the County and the financing to prospective investors in the bonds. These items relate to the County's carrying out the financing plan. This resolution provides the County Board's final approval of the financing terms and the substantially final financing documents. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Proceed with Financing -- The Board confirms its decision to carry out the proposed installment financing as described above. As part of this financing, the County will refinance those obligations as shown on Exhibit A as the Finance Officer may determine. Under the financing plan, the County will receive funds from the sale of the limited obligation bonds to carry out the refinancing. The County will repay the funds over time, with interest. The County will secure its repayment obligation by