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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 20, 2025 <br /> Action Agenda <br /> Item No. 6-a <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 Kirk Vaughn, (919) 245-2153 <br /> Documents for 2025 Robert Jessup, (919) 933-9891 <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 $78,000,000 <br /> in installment financing for capital investment projects and equipment for the fiscal year. The <br /> financing will also include amounts to pay transaction costs. <br /> BACKGROUND: At the May 6, 2025, 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 made a preliminary determination to finance project, equipment <br /> and financing costs by the use of an installment financing, as authorized under Section 160A-20 <br /> of the North Carolina General Statutes. The County routinely uses installment financing as the <br /> vehicle for the annual spring financing. <br /> With approval of the attached resolution, the Board gives final approval for the financing. The <br /> resolution approves substantially the final financing documents, and authorizes staff to complete <br /> the closing. County staff anticipate 1) receiving the required approval of the Local Government <br /> Commission (LGC) on June 3, 2025; 2) establishing the final bond amount and financing terms <br /> on June 5, 2025; and then 3) closing the financing by the end of June. As the process continues, <br /> staff will work with the other financing team members to confirm final details of the funding and <br /> County payment arrangements so the remaining items/blanks in the documents can be <br /> addressed. This process is consistent with past practice. <br />