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RES -202M39 Attachment 1 <br /> I � �f2 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2023 installment financing <br /> Introduction 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 />