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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(2 ) The proposed installment financing is preferable to a bond issue for the same purposes . Some of the obligations to be refinanced are also installment financings , so it makes sense to use the same vehicle for the refinancing . As the County is already planning a substantial installment financing for new public assets and improvements , combining the refinancings into the same overall financing package will be convenient and cost- effective . (3 ) The estimated sums to fall due under the proposed financing contract are adequate and not excessive for the proposed purpose . The refinancings will save money without extending any loan terms . (4 ) As confirmed by the County ' s Finance Officer , ( a) the County ' s debt management procedures and policies are sound and in compliance with law, and (b ) the County is not in default under any of its debt service obligations . ( 5 ) The County expects that there will be no actual increase in taxes necessary to meet debt obligations under the proposed financing arrangements because of the overall debt service savings . ( 6 ) The County Attorney is of the opinion that the proposed projects are authorized by law and are purposes for which public funds of the County may be expended pursuant to the Constitution and laws of North Carolina. BE IT FURTHER RESOLVED that the Board authorizes all County officers and employees to take all appropriate steps to complete the proposed refinancing , including completing an application to the LGC for its required approval , that the Board ratifies all prior actions taken toward accomplishing these purposes , and that this resolution takes effect immediately . NOW THEREFORE BE IT ORDAINED by the Board of Orange Coun Commi sioners that this resolution is of tive upon approval . Upon motion of Commissioner �� O , seconded by Commissioner - , the foregoing resolution was adopted this the day f , 2019 . 1 , Donna S . aker, Clerk to the Board of Commissioners for the County of Orange , North Carolina, DO HEREBY CER I Y hat the foregoing is a true copy of so much of the proceedings of said Board at a meeting held on 2019 , as relates in any way to the adoption of the foregoing and that said procee m s are recorded in Minute Book I o . Vthenutes of said Board . WITNESS my hand and the seal of said County , the day , 2019 . onna S . Ba er 17 �� Clerk to the Board S A S;