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7 <br /> RES-2026-028 Attachment 2 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of County Financing Agreements <br /> - 2026 Multiple Proiect Installment Financings <br /> Introduction -- <br /> The Orange County Board of Commissioners has previously determined to <br /> carry out various public improvements and acquisitions, as identified in the County's <br /> capital improvement plan and as described in Exhibit A. <br /> The Board has determined to finance the costs of these projects through <br /> installment financings, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. The County also expects to divide the project funding into two <br /> financing phases and two separate series of limited obligation bonds, also as <br /> described in Exhibit A. In an installment financing,the County's repayment obligation <br /> is secured by a mortgage-type interest in all or part of the property being acquired or <br /> improved, but not by any pledge of the County's taxing power or any specific revenue <br /> stream. In this case, the County expects that the collateral for each phase will include <br /> several County facilities that are already pledged for earlier financings, plus the <br /> County's new crisis diversion center and the County Justice Facility. <br /> State law requires that the County's financings be approved by the North <br /> Carolina Local Government Commission (the "LGC"), a division of the North Carolina <br /> State Treasurer's office. Under the LGC's guidelines, this governing body must make <br /> certain findings of fact to support the County's application for the LGC's approval. <br /> 1. The Orange County Board of Commissioners RESOLVES, as follows: <br /> (a) The County makes a preliminary determination to finance <br /> approximately $60,800,000 to pay capital costs of public improvements and <br /> acquisitions, and in particular those described in Exhibit A, and to pay financing costs. <br /> The improvements and acquisitions will be divided between two financings. <br /> (b) The Board will determine the final amounts to be financed, and the <br /> division of projects among the phases, by later resolutions. The final total amount <br /> financed may be higher or lower than $60,800,000, depending on financial market <br />