Orange County NC Website
3 <br /> FES-2020-022 Attachment 1 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2020 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. <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 bonds, <br /> which represent interests in the installment payments to be made by the County that <br /> can be sold to investors. <br /> The County staff has made available to the Board the draft documents listed on <br /> Exhibit B (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 <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. <br /> Under the financing plan, the County will receive funds from the sale of the <br /> limited obligation bonds to carry out the projects. The County will repay the funds <br /> 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 <br />