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5 <br /> <br /> Net Present Value Savings- 3.9% which exceeds the County’s 3% Policy <br /> Source of Repayment- Property Taxes <br /> Subordinate Lien to General Obligation Bonds <br /> Current and Projected Ratings- Aa1/AA+/AA+ from Moody’s, Standard & Poor’s and <br />Fitch Ratings <br /> LGC Approval required <br /> <br />Interest Rate Savings (table) <br /> <br />Five Refunding Bond Opportunities (table) <br /> <br />Financing Calendar <br /> <br />Commissioner Bedford referred to the debit to the liability for the interest payable, and <br />asked if this saved money goes to a particular place in the budget. <br />Gary Donaldson said this money goes to the General Fund. <br /> <br />A motion was made by Commissioner McKee, seconded by Commissioner McKee to <br />open the public hearing. <br /> <br />VOTE: UNANIMOUS <br /> <br />Public Comments: <br />NONE <br /> <br />A motion was made by Commissioner Marcoplos, seconded by Commissioner Price to <br />close the Public Hearing. <br /> <br />VOTE: UNANIMOUS <br /> <br />Resolution supporting an application to the Local Government Commission for its <br />approval of a County financing agreement for the refinancing of existing loans <br /> <br />WHEREAS – <br /> <br />The County has determined that it can save money by refinancing some of its existing <br />installment contracts, general obligation bonds and other loans. The refinancings will save the <br />County money without extending the terms of the existing loans. <br /> <br />The County desires to carry out this refinancing using a single new installment financing <br />contract, as authorized under Section 160A-20 of the North Carolina General Statutes. The <br />County expects the refinancings will be combined into a single County financing contract with <br />another County financing for new public assets and improvements. <br /> <br />Under the guidelines of the North Carolina Local Government Commission, this <br />governing body must make certain findings of fact to support the County’s application for the <br />LGC’s approval of the County’s financing arrangements. <br /> <br />THEREFORE, BE IT RESOLVED by the Board of Commissioners of Orange County, North <br />Carolina, that the County makes a preliminary determination to finance approximately