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5 <br /> part of the property being financed, but not by any pledge of the County's taxing <br /> power or any specific revenue stream. The two 2019 bond issues are secured by a <br /> variety of County facilities, and the proposed amendments will not result in any <br /> changes to the pledged collateral. <br /> 1. The Orange County Board of Commissioners RESOLVES, as follows: <br /> (a) The County determines to apply the unspent proceeds in hand from the <br /> 2019A and the 2019B bonds to additional project costs, and in particular the project <br /> costs described on Exhibit A. <br /> (b) The Board approves the forms of the Agreements submitted to this <br /> meeting. The Board authorizes the Board's Chair and the County Manager, or either <br /> of them, to execute and deliver the Agreements in their final forms. The amending <br /> agreement for the 2019A bonds in its final form must be in substantially the form <br /> presented, with such changes as the Chair or the County Manager may approve. The <br /> amending agreement for the 2019B bonds must be in substantially the same form as <br /> the agreement for the 2019A bonds. The execution and delivery of any Agreement by <br /> an authorized County officer will be conclusive evidence of that officer's approval of <br /> any changes. <br /> (c) The Board, on behalf of the County, asks the LGC and the bond trustee to <br /> approve the amendment requests as provided in the draft Agreements. <br /> 2. The Board makes the following findings of fact in support of the <br /> County's request to the LGC: <br /> (a) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. <br /> (b) The proposed installment financing amendments are preferable to any <br /> available alternative financings. The two sets of 2019 bonds carry effective interest <br /> costs well below what would be available to the County in today's markets. Without <br /> the amendments, the County will need to seek new higher-rate financing, or make <br /> other funds available, to carry out the desired projects. <br /> 2 <br />