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i <br />ORANGE COUNTY BOARD OF COMMISSIONERS <br />7 <br />Resolution making findings of fact and authorizing the filing of an application with <br />the Local Government Commission for its approval of a financing agreement <br />authorized by Section 160A-20 of the North Carolina General Statutes - <br />Orange County Churton Street Building Acquisitions <br />WHEREAS, the Board of Commissioners of Orange County has previously <br />approved in principle a project to finance the acquisition of two buildings and associated <br />property, specifically the old Hillsborough Savings Bank building at 112 North Churton <br />Street and the Graham Building at 118 North Churton Street in Hillsborough; and <br />WHEREAS, the County desires to finance an amount not to exceed $500,000 for <br />the project by the use of an installment contract, as authorized under Section 160A-20 of <br />the North Carolina General Statutes; and <br />WHEREAS, the County's undertaking of the financing was the subject of a public <br />hearing held earlier this evening on January 18, 2001; and <br />WHEREAS, under the guidelines of the North Carolina Local Government <br />Commission (the "LGC"), this governing body must make certain findings of fact to <br />support the County's application for the LGC's approval of the County's proposed <br />financing arrangements for the project; <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />the Orange County, North Carolina, makes the following findings of fact: <br />1. The proposed project is necessary and appropriate for the County under all the <br />circumstances. The County is currently leasing these buildings from the owner, and the <br />current owner is seeking to sell the buildings. The County would find it difficult to <br />replace the space at comparable rents, and there is no assurance that a new owner would <br />continue to lease the space to the County. In addition, the County expects the financing <br />payments to be at least comparable to the rent the County is now paying. <br />2. The proposed installment financing is preferable to a bond issue for the same <br />purpose. The County has no ability to issue two-thirds bonds for this project. The <br />County is currently considering the possibility of a conducting a multi-purpose bond <br />referendum, but the small amount to be financed, the availability of relatively low-cost <br />installment financing and the need to act on the owner's timetable makes it desirable to <br />proceed now with an installment financing. <br />3. The sums to fall due under the contract are adequate and not excessive for the <br />proposed purpose. The County has negotiated the purchase price for the building with <br />the owner, and has solicited competitive proposals for the financing.