RES-2019-057 Resolution supporting an application to the LGC for its approval of a County financing agreement for the refinancing of existing loans

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RES -20 I M57 Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement for the refinancing of existing loans WHEREAS The County has determined that it can save money by refinancing some of its existing installment contracts , general obligation bonds and other loans . The refinancings will save the County money without extending the terms of the existing loans . The County desires to carry out this refinancing using a single new installment financing contract, as authorized under Section 160A- 20 of the North Carolina General Statutes , The County expects the refinancings will be combined into a single County financing contract with another County financing for new public assets and improvements . Under the guidelines of the North Carolina Local Government Commission , this governing body must snake certain findings of fact to support the County ' s application for the LGC ' s approval of the County ' s financing arrangements . THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County , North Carolina , that the County makes a preliminary determination to finance approximately $ 24 , 000 , 000 to refinance existing obligations . The County requests that the LGC approve the County ' s application for this new financing . The Board will determine the final amount to be financed by a later resolution . The final amount financed may be slightly lower or slightly higher than $ 24 , 000 , 000 . Some of the financing proceeds may be used to pay financing expenses or to provide any required reserves . The Board will also determine the collateral for the financing by a subsequent resolution . The County expects that the collateral for the financing will include property in the County ' s planned " northern campus " off Highway 70 just north of Hillsborough ( including the site of the planned new jail) and portions of the County ' s " southern campus " off Homestead Road in Chapel Hill , along with other properties that have been previously pledged to other related County financings . BE IT FURTHER RESOLVED that the Board of Commissioners makes the following findings of fact in accordance with LGC guidelines : ( 1 ) The proposed refinancing is appropriate for the County under all the circumstances .