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6 <br /> <br />$24,000,000 to refinance existing obligations. The County requests that the LGC approve the <br />County’s application for this new financing. <br /> <br />The Board will determine the final amount to be financed by a later resolution. The final <br />amount financed may be slightly lower or slightly higher than $24,000,000. Some of the <br />financing proceeds may be used to pay financing expenses or to provide any required reserves. <br /> <br />The Board will also determine the collateral for the financing by a subsequent resolution. <br />The County expects that the collateral for the financing will include property in the County’s <br />planned “northern campus” off Highway 70 just north of Hillsborough (including the site of the <br />planned new jail) and portions of the County’s “southern campus” off Homestead Road in <br />Chapel Hill, along with other properties that have been previously pledged to other related <br />County financings. <br /> <br />BE IT FURTHER RESOLVED that the Board of Commissioners makes the following <br />findings of fact in accordance with LGC guidelines: <br /> <br />(1) The proposed refinancing is appropriate for the County under all the circumstances. <br />(2) The proposed installment financing is preferable to a bond issue for the same <br />purposes. Some of the obligations to be refinanced are also installment financings, <br />so it makes sense to use the same vehicle for the refinancing. As the County is <br />already planning a substantial installment financing for new public assets and <br />improvements, combining the refinancings into the same overall financing package <br />will be convenient and cost-effective. <br />(3) The estimated sums to fall due under the proposed financing contract are adequate <br />and not excessive for the proposed purpose. The refinancings will save money <br />without extending any loan terms. <br />(4) As confirmed by the County’s Finance Officer, (a) the County’s debt management <br />procedures and policies are sound and in compliance with law, and (b) the County is <br />not in default under any of its debt service obligations. <br />(5) The County expects that there will be no actual increase in taxes necessary to meet <br />debt obligations under the proposed financing arrangements because of the overall <br />debt service savings. <br />(6) The County Attorney is of the opinion that the proposed projects are authorized by <br />law and are purposes for which public funds of the County may be expended <br />pursuant to the Constitution and laws of North Carolina. <br /> <br />BE IT FURTHER RESOLVED that the Board authorizes all County officers and <br />employees to take all appropriate steps to complete the proposed refinancing, including <br />completing an application to the LGC for its required approval, that the Board ratifies all prior <br />actions taken toward accomplishing these purposes, and that this resolution takes effect <br />immediately. <br /> <br />A motion was made by Commissioner Marcoplos, seconded by Commissioner Price to <br />adopt the resolution supporting the application to the Local Government Commission for <br />approval of the refinancing. <br /> <br />VOTE: UNANIMOUS <br /> <br />Commissioner Price thanked Gary Donaldson and his team. <br />