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3 <br /> RES-2023-039 Attachment 1 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2023 installment financing <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 on Exhibit A. The Board has determined to <br /> finance these undertakings by using an installment financing, as authorized under <br /> Section 160A-20 of the North Carolina General Statutes. In an installment financing, <br /> the County secures the financing by its promise to pay and a mortgage-like interest in <br /> some or all of the property to be acquired or improved, but not by a pledge of specific <br /> revenues or the County's taxing power. <br /> County staff recommends that the County accept a proposal from TD Bank, N.A. <br /> (the "Lender") to provide the financing. County staff has made available to the Board <br /> the draft documents listed on Exhibit B (the "Documents"), which relate to the <br /> County's carrying out the financing plan. <br /> This resolution provides the County Board's final approval of the financing <br /> terms and the substantially final financing documents. <br /> The Board of Commissioners of Orange County, North Carolina, <br /> RESOLVES, as follows: <br /> 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 improvements and acquisitions. The County will <br /> carry out the projects with financing from the Lender substantially in accordance <br /> with a financing proposal from the Lender dated April 6, 2023. <br /> Under the financing plan, the County will receive funds from the Lender to <br /> carry out the projects. The County will repay the funds over time, with interest. The <br /> County will secure its repayment obligation by granting a mortgage-like interest in <br /> some or all of the facilities listed on Exhibit C. <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 />