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RES-2020-026 Resolution authorizing the borrowing of approximately $40,750,000 in installment financing to finance capital investment projects and equipment for the fiscal year
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RES-2020-026 Resolution authorizing the borrowing of approximately $40,750,000 in installment financing to finance capital investment projects and equipment for the fiscal year
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Last modified
9/1/2020 4:32:10 PM
Creation date
9/1/2020 4:29:22 PM
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BOCC
Date
4/21/2020
Meeting Type
Business
Document Type
Resolution
Agenda Item
8-e
Document Relationships
Agenda 04-21-20 Virtual Business Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2020\Agenda - 04-21-20 Virtual Business Meeting
Agenda - 04-21-20; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of $40,750,000 in Installment Purchase Financing for Various Capital Investment Plan Projects
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2020\Agenda - 04-21-20 Virtual Business Meeting
Minutes 04-21-2020 Virtual Business Meeting
(Attachment)
Path:
\Board of County Commissioners\Minutes - Approved\2020's\2020
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District Attorney' s office buildings ( b ) the County' s Emergency Operations Center on <br /> Meadowlands Drive in Hillsborough ; ( c ) the proposed site of the new Northern <br /> County Campus ; and ( d ) the County' s Southern Campus in Chapel Hill . <br /> 20 Approval of Documents; Direction to Execute Documents - - The <br /> Board approves the forms of the Documents submitted to this meeting . The Board <br /> authorizes the Chair and the County Manager, or either of them , to execute and <br /> deliver the Documents when in final form . The Documents in their respective final <br /> forms must be in substantially the forms presented , with changes as the Chair or the <br /> County Manager may approve . The execution and delivery of any Document by an <br /> authorized County officer will be conclusive evidence of that officer ' s approval of <br /> any changes . <br /> The Agreements in final form, however, must be consistent with the financing <br /> plan described in this resolution and must provide ( a) for the amount financed by <br /> the Town not to exceed $ 43 , 000 , 000 , ( b ) for an annual interest rate not to exceed <br /> 2 . 70 % ( in the absence of default, or a change in tax status ) , and ( c) for a financing <br /> term not to extend beyond December 31 , 2040 . The amount financed under the <br /> Documents may include amounts to pay financing expenses and other necessary <br /> and incidental costs . <br /> 4. Officers to Complete Closing - The Board authorizes the County <br /> Manager, the Finance Officer and all other County officers and employees to take all <br /> proper steps to complete the financing in accordance with the terms of this <br /> resolution . <br /> The Board authorizes the County Manager to hold executed copies of all <br /> financing documents authorized by this resolution in escrow on the County ' s behalf <br /> until the conditions for their delivery have been completed to her satisfaction , and <br /> then to release the executed documents for delivery to the appropriate persons or <br /> organizations . <br /> Without limiting the generality of the previous paragraphs , the Board <br /> specifically authorizes the County Manager ( a) to approve and enter into , on behalf <br /> of the County, any additional agreements appropriate to carry out the financing plan <br /> contemplated by this resolution, and ( b ) to approve changes to any documents <br /> previously signed by County officers or employees , provided that the changes do not <br />
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