Orange County NC Website
Browse       Search
RES -202M32 p � � Attachment 2 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County Financing Agreement <br /> 2023 Multiple Project Installment Financing <br /> Introduction 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. <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 . <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 LGC ' s guidelines , this governing body <br /> must make certain findings of fact to support the County' s application for the LGC ' s <br /> approval of the County' s financing 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 $ 16 , 500 , 000 to pay capital costs of public improvements and <br /> acquisitions , and in particular those described in Exhibit A, and to pay financing costs . <br /> (b ) The Board will determine the final amount to be financed by a later <br /> resolution . The final amount financed may be slightly lower or slightly higher than <br /> $ 16, 500 , 000 . Some of the financing proceeds may represent reimbursement to the <br /> County for prior expenditures on project costs . <br /> 2 . The Board makes the following findings of fact in support of the <br /> County' s application to the LGC : <br />