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8 <br /> RES-2021-032 Attachment 2 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2021 installment financing for <br /> capital projects and loan refinancings <br /> Introduction <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 in Exhibit A, and to refinance some existing <br /> County loans as described in Exhibit B. <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. 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 acquired or <br /> improved, but not by any pledge of the County's taxing power or any specific revenue <br /> stream. The County's financing plan also includes the use of limited obligation bonds <br /> (the "Bonds"), which represent interests in the installment payments to be made by <br /> the County that can be sold to investors. <br /> The County staff has made available to the Board the draft documents listed on <br /> Exhibit C (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 Board's final approval of the financing terms and <br /> the substantially final financing documents, and authorizes County staff to complete <br /> the financing process. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br />