RES-2024-021-Resolution supporting an application to the Local Government Commission for its approval of a County Financing Agreement

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RES -2024- 021 f �6 � 701 ATTACHMENT 2 Resolution supporting an application to the Local Government In Commission for its approval of a County Financing Agreement - 2024 Multiple Pro iect 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 $ 23 , 500 , 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 $ 23 , 500 , 000 . Some of the financing proceeds may represent reimbursement to the County for prior expenditures on project costs .