RES-2019-026 Resolution providing final approval of terms and documents for Spring 2019 refinancing

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RES -201 M26 Resolution providing final approval of terms and documents for Spring 2019 installment financing WHEREAS - The Board of Commissioners has previously determined to carry out the acquisition and construction of various public improvements , as identified in the County' s capital improvement plan , and in particular the projects shown on Exhibit A . The Board has made a tentative determination to carry out the financing by using an installment financing, as authorized under Section 160A - 20 of the North Carolina General Statutes . This financing plan also includes the use of limited obligation bonds , which represent interests in the installment payments to be made by the County that can be sold to investors . The County staff has made available to the Board the draft documents listed on Exhibit B (the " Documents " ) , and a draft of an official statement designed to provide information about the County and the financing to prospective investors in the bonds . These items relate to the County ' s carrying out the financing plan . This resolution provides the County Board ' s final approval of the financing terms and the substantially final financing documents . BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina , as follows : 1 , Determination to Proceed with Financing The Board confirms its decision to carry out the proposed installment financing as described above . Under the financing plan, the County will receive funds from the sale of the limited obligation bonds to carry out the projects . The County will repay the funds over time , with interest . The County will secure its repayment obligation by granting a mortgage - like interest in some or all of the following facilities : (a ) the County' s Government Services Annex at 208 S . Cameron St . in Hillsborough, along with the