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3 <br /> RES-2019-026 Attachment 1 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2019 installment financing <br /> WHEREAS- <br /> The Board of Commissioners has previously determined to carry out the <br /> acquisition and construction of various public improvements, as identified in the <br /> County's capital improvement plan, and in particular the projects shown on Exhibit <br /> A. <br /> The Board has made a tentative determination to carry out the financing by <br /> using an installment financing, as authorized under Section 160A-20 of the North <br /> Carolina General Statutes. This financing plan also includes the use of limited <br /> obligation bonds, which represent interests in the installment payments to be made <br /> by the County that can be sold to investors. <br /> The County staff has made available to the Board the draft documents listed <br /> on Exhibit B (the "Documents"), and a draft of an official statement designed to <br /> provide information about the County and the financing to prospective investors in <br /> the bonds. These items relate to the County's carrying out the financing plan. <br /> This resolution provides the County Board's final approval of the financing <br /> terms and the 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 <br /> decision to carry out the proposed installment financing as described above. <br /> Under the financing plan, the County will receive funds from the sale of the <br /> limited obligation bonds to carry out the projects. The County will repay the funds <br /> over time, with interest. The County will secure its repayment obligation by granting <br /> a mortgage-like interest in some or all of the following facilities: (a) the County's <br /> Government Services Annex at 208 S. Cameron St. in Hillsborough, along with the <br />