Orange County NC Website
J <br /> RES -202MM <br /> s * h draft of Auri18 <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 . The Board has determined to <br /> carry out the financings by using an installment financing, as authorized under <br /> Section 160A - 20 of the North Carolina General Statutes . <br /> Capital One Public Funding, LLC (the " Lender" ) , has submitted a proposal to <br /> provide the financing . County staff has made available to the Board the draft <br /> documents listed on Exhibit B (the " Documents " ) , which relate to the County ' s <br /> 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 . The County will carry <br /> out the projects with financing from the Lender substantially in accordance with a <br /> financing proposal from the Lender dated April 1 , 2020 . <br /> Under the financing plan , the County will receive funds from the Lender to <br /> carry out the projects . The County will repay the funds over time , with interest . The <br /> County will secure its repayment obligation by granting a mortgage - like interest in <br /> some or all of the following facilities : ( a ) the County' s Government Services Annex at <br /> 208 S . Cameron St . in Hillsborough , along with the County' s Link Center and the <br />