Orange County NC Website
Browse       Search
31 <br />certificates of participation otherwise contemplated by this resolution. The <br />Board authorizes and approves such a bank-placement installment <br />financing. <br />The Board authorizes and directs the Finance Officer (a) to solicit and <br />accept a financing proposal as he may determine to be in the County's best <br />interest, (b) to apply to the North Carolina Local Government Commission <br />for its approval of such a financing, and to take all appropriate action in <br />connection therewith, (c) to approve the forms of financing documents for <br />such a financing, (d) to approve the final financing terms, including the <br />interest rate or rates for the financing (which may include variable rates), (e) <br />to approve the collateral offered to secure the financing, and (f) otherwise to <br />carry out such a financing under the terms and conditions of this resolution. <br />The bank-placement financing, however, must provide (i) for an <br />amount financed not to exceed $6.0 million, (ii) for a financing term not to <br />exceed 15 years from closing, and (iii) for the use of financing documents <br />substantially in forms previously used irr some other North Carolina local <br />government installment financings. The Board expects that any such bank- <br />placement installment financing would be in addition to, and not a complete <br />alternative to, the public offering of certificates of participation otherwise <br />contemplated by this resolution. <br />5. Firaa~zce Officer To Complete Closing -The Finance Officer <br />and all other County officers and employees are authorized and directed to <br />take all proper steps to complete the closings of the financings contemplated <br />by this resolution. <br />The Finance Officer is authorized and directed to hold any documents <br />authorized or permitted by this resolution, once executed, in escrow on the <br />County's behalf until the conditions for their delivery have been completed <br />to the Finance Officer's satisfaction, and thereupon to release the executed <br />documents for delivery to the appropriate persons or organizations. <br />Without limiting the generality of the foregoing, this authorization <br />and direction is specifically extended to authorize the Finance Officer (a) to <br />enter into such agreements or take such other actions as such officer may <br />deem appropriate in connection with obtaining financial guaranty insurance <br />related to the County's payment obligations, and (b) to approve changes to <br />