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RES-2017-069 p_l <br /> Updated 10/17/17—Resolution Only OC,� <br /> s*h draft of October 2 <br /> Resolution providing final approval of terms and documents for 2017 County installment <br /> financing <br /> WHEREAS-- <br /> The Board of Commissioners has previously determined to refinance certain County <br /> obligations to achieve savings through lower interest rates. Exhibit A describes some of the <br /> existing County obligations being considered for refinancing. <br /> The Board has made a tentative determination to carry out the refinancing using a new <br /> installment financing, as authorized under Section 160A-20 of the North Carolina General <br /> Statutes. This financing plan also includes the use of limited obligation bonds, which represent <br /> interests in the installment payments to be made by the County that can be sold to investors. <br /> The County staff has made available to the Board the draft documents listed on Exhibit B <br /> (the "Documents"), and a draft of an official statement designed to provide information about the <br /> County and the financing to prospective investors in the bonds. These items relate to the <br /> County's carrying out the financing plan. <br /> This resolution provides the County Board's final approval of the financing terms and the <br /> substantially final financing documents. <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 Board confirms its decision to <br /> carry out the proposed installment financing as described above. As part of this financing, the <br /> County will refinance those obligations as shown on Exhibit A as the Finance Officer may <br /> determine. <br /> Under the financing plan, the County will receive funds from the sale of the limited <br /> obligation bonds to carry out the refinancing. The County will repay the funds over time, with <br /> interest. The County will secure its repayment obligation by granting a mortgage-like interest in <br /> the property of Morris Grove Elementary School and the County office building on West <br /> Margaret Lane in Hillsborough. <br /> 2. Approval of Documents; Direction To Execute Documents -- The Board <br /> approves the forms of the Documents submitted to this meeting. The Board authorizes the Chair <br /> and the County Manager, or either of them, to execute and deliver those Documents to which the <br /> County is a party. The Documents in their respective final forms must be in substantially the <br />