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1 . Determination to Proceed with Financing - - The Board confirms its <br /> decision to carry out the proposed installment financing as described above , to <br /> provide financing for new public assets and improvements as well as refinancing of <br /> existing loans . <br /> Under the financing plan, the County will receive funds from the sale of the <br /> Bonds to carry out the projects , including the refinancings . The County will pay the <br /> Bonds over time, with interest . The County will secure its repayment obligation by <br /> granting a mortgage - like interest in some or all of the property acquired or improved <br /> through the proceeds of the new borrowing and, potentially some or all of the <br /> property acquired or improved through the proceeds of the borrowings to be <br /> refinanced . In particular, the County expects that the collateral will include some or <br /> all of the following : the County' s Whitted Building on West Tryon Street in <br /> Hillsborough ; the County library on Margaret Lane in Hillsborough ; Culbreth Middle <br /> School on Culbreth Road in Chapel Hill ; and Blackwood Farm Park on N & 86 in Chapel <br /> Hill . <br /> 2. Approval of Documents; Direction to Execute Documents - - The Board <br /> 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 deliver <br /> the Documents in final form . The Documents in their respective final forms must be <br /> in substantially the forms presented, with changes as the Chair or the County Manager <br /> may approve . The execution and delivery of any Document by an authorized County <br /> officer will be conclusive evidence of that officer ' s approval of any changes . <br /> The Documents in final form, however, must provide for the aggregate principal <br /> amount of the Bonds to not exceed $ 39 , 000 , 000 and a financing term not to extend <br /> beyond December 31 , 2041 . Bonds related to refinancings must be payable not later <br /> than the end of the fiscal year in which the refinanced obligations are payable . The <br /> amount financed under the Documents may include amounts to pay financing <br /> expenses and other necessary and incidental costs . As indicated in the draft <br /> Documents , some of the Bonds will be issued on a taxable basis , and some on a tax- <br /> exempt basis . The true interest cost on the tax- exempt bonds must not exceed 4 . 00 % , <br /> and the true interest cost on the taxable bonds must not exceed 1 . 50 % . <br /> Is <br /> 3. Sale of Bonds; Approval of Official Statement - The Board appoints <br /> FHN Financial Capital Markets , as senior manager, and Robert W. Baird & Co . <br /> 2 <br />