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RES -2021 - 032 eMM000I Attachment 2 <br /> t t <br /> iding final approval of terms and Resolution prov <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 />