Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 21, 2024 <br /> Action Agenda <br /> Item No. 6-b <br /> SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of <br /> Installment Purchase Financing for Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Resolution Approving Gary Donaldson, (919) 245-2453 <br /> Financing Terms and Robert Jessup, (919) 933-9891 <br /> Documents for 2024 <br /> Installment Financing <br /> Attachment 2. Deed of Trust <br /> Attachment 3. Trust Agreement <br /> Attachment 4. Preliminary Official <br /> Statement <br /> Attachment 5. Bond Purchase Agreement <br /> Attachment 6. Sample School Lease <br /> Extension Document <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of up to $13,000,000 <br /> in installment financing to finance capital investment projects and equipment for the fiscal year. <br /> The financing will also include amounts to pay transaction costs. <br /> BACKGROUND: At the May 7, 2024 Business meeting, the Board of County Commissioners <br /> conducted a public hearing and received preliminary information on capital projects and <br /> equipment financing. The Board approved a resolution making a preliminary determination to <br /> finance costs of these projects and equipment and financing costs by the use of an installment <br /> financing, as authorized under Section 160A-20 of the North Carolina General Statutes. The <br /> County routinely uses installment financing as the vehicle for the annual spring financing. <br /> With adoption of the attached resolution, the Board gives final approval for the financing. It <br /> substantially approves the final financing documents, and authorizes staff to complete the closing. <br /> Staff anticipates receiving the required approval of the Local Government Commission on the <br /> afternoon of June 4, 2024, establishing the final bond amount and financing terms on June 13, <br /> 2024, and then closing the financing by the end of June 2024. As the process continues, staff will <br /> work with the other financing team members to confirm final details of the funding and County <br /> payment arrangements, allowing the remaining blanks in the documents to be completed. This <br /> process is consistent with past practice. <br />