Orange County NC Website
5 <br />Resolution Providing Final Approval Of <br />Financing Terms and Documents -Installment Financing Projects <br />WHEREAS: <br />The Board of Commissioners of Orange County, North Carolina, has <br />previously determined to carry out a financing plan for the acquisition and <br />construction of renovations to Orange High School and the County building used by <br />Orange Enterprises, along with acquisition of land and other property interests for <br />public buildings and property acquisition purposes (the "Projects"). <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Projects -- The Board confirms its <br />decision to carry out the financing plan for the Projects. The County will finance the <br />Projects through Branch Banking and Trust Company, in accordance with the BB&T <br />proposal dated October 28, 2002. <br />2. Determination to Acquire Property -- The intended financing plan for <br />the Projects contemplate the County's acquiring the Orange High School property <br />from The Orange County Board of Education (the "School Board"), and imposing a <br />lien on that property to secure the County's repayment obligation for the entire <br />financing package. The Board approves the County's acquisition of the Orange High <br />School property for this purpose. The Board notes that the School Board approved <br />this property transfer on November 18, 2002. <br />3. Direction To Execute Documents -- The Board authorizes and directs <br />the Board's Chair to execute and deliver, on the County's behalf, financing documents <br />(the "Documents") in such forms as the Chair, on the Finance Officer's advice, may <br />approve. The Documents in final form, however, must provide for the amount <br />financed by the County not to exceed $3,475,000, for an annual interest rate not to <br />exceed 4.22% (in the absence of default or change in tax status), and for a financing <br />term not to extend beyond December 31, 2017. The Board expects that the <br />Documents will include the agreements described in Exhibit A. <br />4. Authorization to Finance Officer To Complete Closing -The Board <br />authorizes and directs the Finance Officer to hold executed copies of the Documents, <br />and any other documents authorized or permitted by this resolution, in escrow on the <br />County's behalf until the conditions for the delivery of the Documents have been <br />ALTFINANPLANPHRES21119 5 <br />