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RES- 2018 -035 <br />Resolution providing final approval of terms and documents for 2018 County installment <br />financing <br />WHEREAS -- <br />The Board of Commissioners has previously determined to carry out the acquisition and <br />construction of various public improvements, as identified in the County's capital improvement <br />plan, and in particular the projects shown on Exhibit A. <br />The Board has made a tentative determination to carry out the financing by using an <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. <br />Under the financing plan, the County will receive funds from the sale of the limited <br />obligation bonds to carry out the projects. 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 />some or all of the following facilities: (a) the County's Government Services Annex at 208 S. <br />Cameron St. in Hillsborough, (b) the County's Emergency Operations Center on Meadowlands <br />Drive in Hillsborough, (c) the County's Visitors Center on Franklin St. in Chapel Hill, and (d) <br />the proposed site of the new Northern County Campus. <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 />