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3 <br /> RES-2019-059 Attachment 1 <br /> Resolution providing final approval of terms and <br /> documents for Fall 2019 installment financing <br /> WHEREAS- <br /> The Board of Commissioners has previously determined to carry out various <br /> public improvements and acquisitions, as identified in the County's capital <br /> improvement plan and as described on Exhibit A. In addition, the Board has <br /> previously determined to refinance certain County obligations to achieve savings <br /> through lower interest rates. Exhibit B describes some of the existing County <br /> obligations that are being evaluated for refinancing. <br /> The Board has determined to carry out the financings by using a single <br /> installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. This financing plan also includes the use of limited obligation <br /> bonds, which represent interests in the installment payments to be made by the <br /> County that can be sold to investors. <br /> The County staff has made available to the Board the draft documents listed <br /> on Exhibit C (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, to <br /> provide financing for new public assets and improvements and to provide for <br /> refinancings. As part of this financing, the County will refinance those obligations as <br /> shown on Exhibit B as the Finance Officer may determine. <br />