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5 <br /> RES-2024-021 ATTACHMENT 2 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County Financing Agreement <br /> - 2024 Multiple Project Installment Financing <br /> Introduction -- <br /> 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 $23,500,000 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 /> $23,500,000. Some of the financing proceeds may represent reimbursement to the <br /> County for prior expenditures on project costs. <br />