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Agenda - 05-18-2021; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various CIP Projects and To Refinance Existing County Obligations
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Agenda - 05-18-2021; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various CIP Projects and To Refinance Existing County Obligations
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BOCC
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5/18/2021
Meeting Type
Business
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Agenda
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8-e
Document Relationships
OTHER-2021-021 Deed of Trust and Security Agreement
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Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2021
OTHER-2021-022 Trust Agreement
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\Board of County Commissioners\Various Documents\2020 - 2029\2021
OTHER-2021-023 Escrow Agreement
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\Board of County Commissioners\Various Documents\2020 - 2029\2021
OTHER-2021-024 Lease Modification
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\Board of County Commissioners\Various Documents\2020 - 2029\2021
OTHER-2021-025 Orange County, NC Limited Obligation Bonds
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Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2021
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11 <br /> substantially alter the intent from that expressed in the form originally signed. The <br /> County Manager's authorization of the release of any document for delivery will <br /> constitute conclusive evidence of her approval of any changes. <br /> In addition, the Board authorizes the County Manager and the Finance Officer <br /> to take all appropriate steps for the efficient and convenient carrying out of the <br /> County's on-going responsibilities with respect to the financing. This authorization <br /> includes,without limitation, contracting with third parties for reports and calculations <br /> that may be required under the Documents, this resolution or otherwise with respect <br /> to the bonds. <br /> 5. Other Financing Participants - Sanford Holshouser LLP will serve as <br /> the County's bond counsel. Davenport & Company LLC will serve as the County's <br /> financial adviser. The Bank of New York Mellon Trust Company, N.A., will serve as <br /> Trustee under the Trust Agreement referenced in Exhibit C. <br /> 6. Redemption of Prior Obligations - The Board directs the Finance <br /> Officer to make, on the County's behalf, an irrevocable call for prepayment or <br /> redemption of such of the County's existing loan and financing obligations as the <br /> Finance Officer deems beneficial to the County, including any or all of obligations <br /> described in Exhibit B. The Finance Officer shall make this call for redemption by the <br /> execution and delivery of an appropriate certificate in connection with the original <br /> delivery of the Documents. <br /> 7. Release of County Library Property - The County requests that The <br /> Bank of New York Mellon Trust Company, N.A., as Trustee, release the existing <br /> financing lien on the Orange County Library property in Hillsborough. This property <br /> currently secures an existing County financing. The County wants the existing lien <br /> released so the Library property can form part of the collateral for this 2021 financing. <br /> This will facilitate the County's plan of refinancing some existing loans. <br /> B. Additional Provisions - The Board authorizes all County officers and <br /> employees to take all further action as they may consider desirable to carry out the <br /> purposes of this resolution. In particular, the Board directs the Clerk to this Board to <br /> apply the County's seal to the final form Documents, and to attest to the application <br /> of the seal.The Board ratifies all prior actions of County officers and employees to this <br /> 4 <br />
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