Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 19, 2026 <br /> Action Agenda <br /> Item No. 6-a <br /> SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of 2026A <br /> Installment Purchase Financing for Various Capital Investment Plan Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Resolution Approving Gary Donaldson, (919) 245-2453 <br /> Financing Terms and Kirk Vaughn, (919) 245-2153 <br /> Documents for 2026A Robert Jessup, (919) 933-9891 <br /> Installment Financing <br /> Attachment 2. Deed of Trust <br /> Attachment 3. Trust Agreement <br /> Attachment 4. Preliminary Official <br /> Statement <br /> Attachment 5. Bond Purchase Agreement <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of up to $32,000,000 <br /> in 2026A installment financing for capital investment projects and equipment for the fiscal year. <br /> The financing will also include amounts to pay transaction costs. <br /> BACKGROUND: At the May 5, 2026 Business meeting, the Board of County Commissioners <br /> conducted a public hearing and received preliminary information on capital projects and <br /> equipment financing for up to approximately $60.8 million. The Board made a preliminary <br /> determination to finance project, equipment and financing costs by the use of an installment <br /> financing, as authorized under Section 160A-20 of the North Carolina General Statutes. The <br /> County routinely uses installment financing as the vehicle for the annual spring financing. The <br /> County has divided the total financing into two (2) installments: 2026A and 20268. This proposed <br /> action approves the issuance of the first installment identified as 2026A. <br /> With approval of the attached resolution, the Board gives final approval for the 2026A financing <br /> (up to $32,000,000). It approves substantially final financing documents, and authorizes staff to <br /> complete the closing. Staff anticipates receiving the required approval of the Local Government <br /> Commission on June 2, 2026, establishing the final bond amount and financing terms on June <br /> 10, 2026, and then closing the financing by the end of June 2026. As the process continues, staff <br /> will work with other financing team members to confirm final details of the funding and County <br /> payment arrangements, allowing staff to complete the remaining blanks in the documents. This <br /> process is consistent with past practice. <br />