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1 <br /> xEs -2026- 01 s g- m j 3/,5/a� <br /> Resolution authorizing amendments to 2019 financing <br /> documents , and requesting approvals from the bond trustee <br /> and the Local Government Commission <br /> Introduction - <br /> In 2019 the County issued two sets of limited obligation bonds, known as the <br /> 2019A bonds and the 2019B bonds (as further described on Exhibit B ) , to finance <br /> various County projects . Although the County had plans and expectations to spend <br /> the bond proceeds within three years of the respective issue dates, project delays <br /> (including those related to the start of the pandemic) have resulted in funds not being <br /> spent as planned . In addition, the County' s capital funding priorities have changes <br /> over time . <br /> There remain on hand with the bond trustee approximately $ 9 , 700 , 000 of <br /> 2019A proceeds and $ 510 , 000 of 2019B proceeds (these amounts include some <br /> accumulated investment earnings) . The two sets of 2019 bonds carry effective <br /> interest costs well below what would be available to the County in today' s markets . <br /> Without amending the existing bond agreements, the use of the remaining proceeds <br /> will be limited to paying debt service on bonds as they become due . County staff now <br /> recommends that the County instead amend the existing agreements to allow the use <br /> of the remaining proceeds for projects reflecting the County' s current priorities . In <br /> particular, County staff would plan to use the proceeds for public improvements of <br /> the types described on Exhibit A . <br /> The County' s Finance Officer has made available to this Board a draft amending <br /> agreement for the 2019A bonds, and there will be a substantially identical amending <br /> agreement for the 2019B bonds (together the "Agreements, " as more fully described <br /> in Exhibit B) . The Agreements will carry out the plan described in this resolution . The <br /> existing bond documents require that the bond trustee and the North Carolina Local <br /> Government Commission approve the amendments . <br /> The existing County financings are installment financings, as authorized under <br /> Section 160A - 20 of the North Carolina General Statutes . In an installment financing, <br /> the County' s repayment obligation is secured by a mortgage - type interest in all or <br />