Agenda 04-05-22; 5-a - Public Hearing on the Financing of Various Capital Investment Plan Projects

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3 RES-2022-013 Attachment 1 s*h draft of 3/14/2022 Resolution supporting an application to the Local Government Commission for its approval of a County Financing Agreement - 2022 Multiple Project Installment Financing Introduction -- The Orange County Board of Commissioners has previously determined to carry out various public improvements and acquisitions, as identified in the County's capital improvement plan and as described in Exhibit A. The Board has also determined to finance the costs of these projects through an installment financing, as authorized under Section 160A-20 of the North Carolina General Statutes. In an installment financing, the County's repayment obligation is secured by a mortgage-type interest in all or part of the property being financed, but not by any pledge of the County's taxing power or any specific revenue stream. North Carolina law requires that the County's financing be approved by the North Carolina Local Government Commission (the "LGC"), a division of the North Carolina State Treasurer's office. Under the LGC's guidelines, this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's financing arrangements. 1. THEREFORE, BE IT RESOLVED by the Orange County Board of Commissioners, as follows: (a) The County makes a preliminary determination to finance approximately $46,000,000 to pay capital costs of public improvements and acquisitions,and in particular those described in Exhibit A, and to pay financing costs. (b) The Board will determine the final amount to be financed by a later resolution. The final amount financed may be slightly lower or slightly higher than $49,000,000, but the total amount financed will not exceed the amounts estimated for the project costs and financing costs. Some of the financing proceeds may represent reimbursement to the County for prior expenditures on project costs.