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RES - 20I M59 <br /> Resolution providing final approval of terms and documents for <br /> Fall 2019 installment financing <br /> WHEREAS - <br /> The Board of Commissioners has previously determined to carry out various public <br /> improvements and acquisitions , as identified in the County' s capital improvement plan and <br /> as described on Exhibit A . In addition, the Board has previously determined to refinance <br /> certain County obligations to achieve savings through lower interest rates . Exhibit B <br /> describes some of the existing County obligations that are being evaluated for refinancing. <br /> The Board has determined to carry out the financings by using a single installment <br /> financing, as authorized under Section 160A - 20 of the North Carolina General Statutes . This <br /> financing plan also includes the use of limited obligation bonds , which represent interests <br /> in the installment payments to be made by the County that can be sold to investors . <br /> The County staff has made available to the Board the draft documents listed on <br /> Exhibit C (the " Documents " ) , and a draft of an official statement designed to provide <br /> information about the County and the financing to prospective investors in the bonds . <br /> 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 terms and <br /> 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 provide <br /> financing for new public assets and improvements and to provide for refinancings . As part <br /> of this financing, the County will refinance those obligations as shown on Exhibit B as the <br /> Finance Officer may determine . <br /> Under the financing plan, the County will receive funds from the sale of the limited <br /> obligation bonds to carry out the projects and the refinancings . The County will repay the <br /> funds over time, with interest . The County will secure its repayment obligation by granting <br /> a mortgage - like interest in some or all of the following facilities : (a) the County' s <br /> Government Services Annex at 208 S . Cameron St . in Hillsborough, along with the County' s <br /> Link Center and the District Attorney' s office building; (b ) the County' s Emergency <br />