Orange County NC Website
Browse       Search
3 <br />Resolution Providing Final Approval of Terms and <br />Documents for Financing of Animal Services Facility <br />WHEREAS: <br />Orange County has previously determined to carry out a plan (the "Project") <br />to finance the acquisition and construction of a new animal services facility <br />through the use of installment financing under Section 160A-20. <br />The County has solicited competitive proposals from banks to provide the <br />desired financing, and Bank of America, N.A. (the "Bank"), has submitted the best <br />proposal. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Financing -The County confirms <br />its plans to undertake and finance the Project. The County will carry out the plan <br />with financing from the Bank, substantially in accordance with a financing <br />proposal dated July 28, 2008. <br />Under the financing plan, the Bank will make funds available to the County <br />for use on Project costs. The County will repay the amount advanced, with <br />interest, over time. The County will grant to the Bank amortgage-type interest in <br />the animal services facility to secure the County's repayment obligation. <br />2. Direction To Execute Documents -- The Board authorizes and <br />directs the Board's Chair, the County Manager and the County Finance Officer to <br />act on the County's behalf and to execute and deliver all appropriate documents <br />(the "Documents") for the proposed financing. It is the Board's understanding <br />that the Documents will be in forms acceptable to the North Carolina Local <br />Government Commission, and substantially similar to those used by the Bank in <br />similar financings provided to other North Carolina local governments. <br />The execution and delivery of any Document by an authorized officer will <br />be conclusive evidence of his approval of the final form of such Document. The <br />Documents in final form, however, must be consistent with the financing plan <br />described in this resolution and must provide (a) for the amount financed by the <br />County not to exceed $8,000,000, (b) for an annual interest rate not to exceed <br />3.68% (in the absence of default, or a change in tax status), and (c) for a financing <br />term not to extend beyond December 31, 2023. <br />