Agenda - 10-18-2005-8a - Laserfiche WebLink

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Resolution Providing Final Appi°oval of Terms For 2005 SAOrtsPlex Acquisition Financing 6~HEREAS: Orange Cotulty bas previously determined to carry out a plan to acquire the Triangle SportsPlex facility, to devote the SportsPlex to multiple County uses, and to finance the acquisition of the facility The County has solicited competitive proposals from banks to provide the desired financing, and Batrk of Atnerica, N-A. (the "Bank"), has submitted the best proposal. BE IT THEREFORE RESOLVED by the Board of Commissioners of Ot•ange County, North Carolina, as follows: 1. Determination To Proceed with Financing -The County confirrns its plans to acquire the SportsPlex and to finance the acquisition. The County will carry out the plan with financing fi-onr the Bank, substantially in accordance with its variable rate financing proposal dated October 11, 2005., Under the financing plan, the Barrlc will make funds available to the County to pay the acquisition cost of the SportsPlex. The County will repay the amount advanced, with interest, over time. The County will grant to the Bank amortgage-type interest in the SportsPlex to secure the County's repayment obligation.. 1. Direction To Execute Documents -- The Board authorizes and directs the Board's Chair, the County Manager and the County Finance Officer to act on the County's behalf' and to execute and deliver all appropriate documents (the "Documents") for the proposed financing. It is the Board's understmrding that the Documents will be in forms acceptable to the North Carolina Local Govermnent Conunission and substantially similar to those used by the Bank in similar financings provided to the County acrd to other North Carolina local govermnents. The execution and delivery of any Document by an authorized officer will be conclusive evidence of such officer's approval of the final form of such Document. The Documents in final form, however, nntst be consistent with the financing plan described in this resolution and the Bank's proposal and must provide (a) for the amount fnanced by the County not to exceed $6,000,000, and (b) for a financing teen not to extend beyond May I, 2006, The financing contemplated by this resolution is intended as temporary financing, to be replaced prior to next May 1 by longer-term permanent financing. .3. Al1t1101'LT.atlal! to Finance Officer To Complete Closing -The Board authorizes and directs the Finance Offcer to hold executed copies of all financing documents authorized or permitted by this resolution in escrow on the County's behalf until the conditions for their delivery have been completed to such officer's satisfaction, and thereupon to release the executed copies of such documents for delivery to the appropriate persons or organizations.