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US-2026 -0285 b 5l51a (0 Attachment 2 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of County Financing Agreements <br /> - 2026 Multiple Project Installment Financings <br /> Introduction 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 />