Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 2, 2019 <br /> Action Agenda <br /> Item No. 6-a <br /> SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of <br /> $16,950,000 in Installment Purchase Financing for Various Capital Investment <br /> Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Resolution Approving Gary Donaldson, (919) 245-2453 <br /> Financing Terms and Paul Laughton, (919) 245-2152 <br /> Documents for 2019 Robert Jessup, (919) 933-9891 <br /> Installment Financing <br /> Attachment 2. Deed of Trust <br /> Attachment 3. Trust Agreement <br /> Attachment 4. Bond Purchase Agreement <br /> Attachment 5. PowerPoint <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of approximately <br /> $16,950,000 in installment financing to finance capital investment projects and equipment for <br /> the fiscal year, and including amounts to pay transaction costs. <br /> BACKGROUND: At the March 19, 2019 meeting, the Board of County Commissioners received <br /> preliminary information of capital projects and equipment financing for the year. At that meeting, <br /> the Board made a preliminary determination to finance costs of these projects and equipment by <br /> the use of an installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. The financing will also include amounts to pay transaction costs. <br /> The Statutes require that the County conduct a public hearing on the proposed financing and <br /> refinancing contracts. The County conducted a public hearing at the March 19, 2019 meeting, <br /> and adopted the resolution supporting the application to the Local Government Commission <br /> (LGC) for approval of the financing. County staff has been in contact with the LGC staff, and <br /> staff expects no issues with receiving LGC approval. <br /> If the Board adopts the final financial resolution authorizing final approval to the financing at <br /> tonight's meeting, staff expects the LGC to approve the financing plan at the LGC's meeting on <br /> May 7, 2019. Under the current schedule, staff expects to set the final interest rates and other <br /> terms of the financing in April 2016, and to close on the financing the week of May 27th. It is <br /> requested that the Board approve a financing amount not to exceed $16,950,000 and a <br /> maximum interest rate of 4.00%. <br />