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6 <br /> Slide#2 <br /> Purpose <br /> := Obtain Board Approval of Resolution to Proceed with Series 2026A Final Financing Resolution <br /> Bonds will price and close in June <br /> Annual Budget Ordinance includes a reimbursement resolution hence$16.5 million of the bond funds <br /> will be reimbursing capital project expenditures already incurred this fiscal year <br /> r Funds obtained for our FY 2025-26 Capital Investment Plan through the Series 2026A Limited <br /> Obligation Bonds are secured by a 2018 Deed of Trust, with a security interest in various <br /> County facilities. <br /> The existing 2018 Deed of Trust pledged certain County property as collateral to help secure <br /> repayment of those earlier bonds. <br /> y The new 2025A financing is being added to the 2018 Deed of Trust which has sufficient <br /> Collateral capacity. <br /> y The Series 2026A Limited Obligation Bonds will fund various County projects including the <br /> Crisis Diversion Facility as well as the Durham Technical Community College Academic Building <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Gary Donaldson provided an overview of the 2026A installment purchase financing. He said bond <br /> counsel was in attendance and authored five attachments included in the agenda packet, including the <br /> resolution, the bond purchase agreement between the county and the underwriters, the deed of trust <br /> establishing the county's collateral security, and the official statement to be communicated to investment <br /> banks. He said the county plans to price and close the bonds in June. He said $16.5 million of the $29 <br /> million in projects being financed have already incurred expenditures, which will be reimbursed at the <br /> time of closing through the annual reimbursement resolution passed each year as part of the budget <br /> process. He said the deed of trust dates to 2018 and carries over additional available collateral capacity <br /> for the projects secured under the 2026A bonds. He said the anchor project is the Durham Tech building, <br /> for which the county has already received a guaranteed maximum price. He said a range of other projects <br /> carry useful lives of five years for vehicles and equipment up to a twenty-year maturity for the Durham <br /> Tech building. He said the Orange Grove Fire District promissory note will remain blank until the bonds are <br /> priced and will return to the manager and other signatories for execution. <br />