Agenda - 09-20-2005-9a - Laserfiche WebLink

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Orange County Board of Commissioners 2005 Orange County SportsPlex Project Resolution suppoi°ting an application to the Local Government Commission for its approval of a financing agreement, and taking other appropriate action WHEREAS, Orange County has previously made a tentative decision to pursue the acquisition, improvement and future operation of the Orange County SportsPlex facility; WHEREAS, the County's Board of Commissioners desires to provide initial approval to pursue up to $6,000,000 in financing for the project by the use of an installment contract, as authorized under Section 160A-20 of the North Carolina General Statutes; WHEREAS, under the guidelines of the North Carolina Local Government Commission (the "LGC"), this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's proposed financing azrangements for the project; NOYV, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Orange County, North Carolina, makes the following findings of fact: 1. The proposed project is appropriate for the County under all the circumstances. After extensive review and discussion, the County has determined that providing for public ownership of the SportsPlex facility is in the best interests of the County and its residents. The opportunities for, among other things, co-locating a senior center at the SportsPlex make the acquisition of the facility more desirable for the County. 2. The proposed installment financing is preferable to a bond issue for the same purpose. It is appropriate for the County to balance its capital finance program between bonds and installment financing, and the County has elected to pursue bond financing for other projects. This project is also suitable for installment financing because the financing is for a single real property asset, and this financing cazi later be combined with a larger installment financing the County has planned.. 3. The estimated sums to fall due under the proposed financing contract are adequate and not excessive for the proposed purpose. The County will obtain competitive lending proposals, and will closely review proposed lending rates against market rates with guidance from the LGC, The County will continue its process of negotiating a favorable contract for the acquisition of the property and to investigate the need for repairs and renovations to the facility. 4. As confirmed to the Board at this meeting by the County's Finance Officer, (a) the County's debt management procedures and policies are sound and in compliazice with law, and (L) the County is not in default under any of its debt service obligations.