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3 <br /> RES-2026-033 Attachment 1 <br /> Resolution providing final approval for <br /> Spring 2026 installment financing <br /> Introduction -- <br /> The Board of Commissioners (the "Board") of Orange County, North Carolina <br /> (the "County") has previously determined to carry out various public improvements <br /> and acquisitions, as identified in the County's capital improvement plan and as <br /> described in Exhibit A. <br /> The Board has determined to finance these undertakings by using an <br /> installment financing, as authorized under Section 160A-20 of the North Carolina <br /> General Statutes. In an installment financing, the County secures the financing by its <br /> promise to pay and a mortgage-like interest in some or all of the property to be <br /> acquired or improved, but not by a pledge of specific revenues or the County's taxing <br /> power. The County's financing plan also includes the use of limited obligation bonds <br /> (the "Bonds"), which represent interests in County payments that can be sold to <br /> investors. The County frequently uses this financing structure in the County's annual <br /> spring financing. <br /> County staff has made available to the Board the draft documents listed on <br /> Exhibit B (the "Documents"), and a draft of an official statement designed to provide <br /> information about the County and the financing to prospective investors in the Bonds. <br /> These items all relate to the County's carrying out the financing plan. <br /> The County has divided the total financing into two installments: 2026A and <br /> 2026B. This resolution provides the Board's final approval of the financing terms and <br /> the substantially final financing documents, and authorizes County staff to complete <br /> the financing process, for the 2026A installment. The Board will consider a resolution <br /> to approve the 2026B installment at a meeting in July. <br /> The Board of Commissioners of Orange County, North Carolina, <br /> RESOLVES, as follows: <br /> 1. Determination To Proceed with Financing -- The Board confirms its <br /> decision to carry out the proposed installment financing as described above, to <br /> provide financing for new public improvements and acquisitions. <br />