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3 <br /> FES-2021-021 Attachment 1 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County financing agreement <br /> WHEREAS-- <br /> The Orange County Board of Commissioners has previously determined to <br /> carry out various public improvements and acquisitions, as identified in the County's <br /> capital improvement plan and as described in Exhibit A. The County has also been <br /> advised that the County may be able to save money at the same time by refinancing <br /> some of its outstanding loans, as described in Exhibit B. <br /> The Board has also determined to finance the costs of these projects through <br /> an installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. In an installment financing, the County's repayment obligation is <br /> secured by a mortgage-type interest in all or part of the property being financed, but <br /> not by any pledge of the County's taxing power or any specific revenue stream. In this <br /> case, the County expects to place that mortgage on the Whitted Building, Blackwood <br /> Farm Park and possibly other facilities originally financed with loans now to be <br /> refinanced. <br /> North Carolina law requires that the County's financing be approved by the <br /> North Carolina Local Government Commission (the "LGC"), a division of the North <br /> Carolina State Treasurer's office. Under the guidelines of the North Carolina Local <br /> Government Commission, this governing body must make certain findings of fact to <br /> support the County's application for the LGC's approval of the County's financing <br /> arrangements. <br /> 1. THEREFORE, BE IT RESOLVED by the Orange County Board of <br /> Commissioners, as follows: <br /> (a) The County makes a preliminary determination to finance <br /> approximately $18,700,000 to pay capital costs of public improvements and <br /> acquisitions, and in particular those described in Exhibit A. <br /> (b) In addition,the County makes a preliminary determination to finance an <br /> amount estimated as up to approximately$18,060,000 to refinance existing loans and <br />