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RES -2024 - 028 / (v ,b l Attachment 1 <br /> s * h draft of May 6 <br /> Resolution providing final approval of terms and <br /> documents for Spring 2024 installment financing <br /> Introduction The Board of Commissioners (the " Board " ) oUOrange Conty, North Carolina <br /> (the " County" ) has previously determined to carry out various public improvements <br /> and acquisitions , as identified in the County' s capital improvement plan and as <br /> described on Exhibit A. <br /> The Board has determined to finance these undertakings by using an <br /> installment financing, as authorized under Section 160A - 20 of the North Carolina <br /> General Statutes . In an installment financing, the County secures the financing by its <br /> promise to pay and a mortgage - like interest in some or all of the property to be <br /> acquired or improved, but not by a pledge of specific revenues or the County' s taxing <br /> power . The County' s financing plan also includes the use of limited obligation bonds <br /> (the " Bonds " ) , which represent interests in County payments that can be sold to <br /> investors . <br /> County staff has made available to the Board the draft documents listed on <br /> Exhibit B (the " Documents " ) , and a draft of an official statement designed to provide <br /> information about the County and the financing to prospective investors in the Bonds . <br /> These items all relate to the County' s carrying out the financing plan . <br /> This ,resolution provides the Board ' s final approval of the financing terms and <br /> the substantially final financing documents, and authorizes County staff to complete <br /> the financing process . <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 . <br /> Under the financing plan, the County will receive funds from the sale of the <br />