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to.7 ..) WHEREAS: Orange County has previously determined to carry out a plan (the "Project") to finance the acquisition and construction of a new animals services facility through the use of installment financing under Section 160A-20. The County has solicited competitive proposals from banks to provide the desired financing, and Bank of America, N.A. (the "Bank"), has submitted the best proposal. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination to Proceed with Financing —The County confirms its plans to undertake and finance the Project. The County will carry out the plan with financing from the Bank, substantially in accordance with a financing proposal dated July 28, 2008. Under the financing plan, the Bank will make funds available to the County for use on Project costs. The County will repay the amount advanced, with interest, over time. The County will grant to the Bank a mortgage-type interest in the animal services facility to secure the County's repayment obligation. 2. 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 understanding that the Documents will be in forms acceptable to the North Carolina Local Government Commission, and substantially similar to those used by the Bank in similar financings provided to other North Carolina local governments. The execution and delivery of any Document by an authorized officer will be conclusive evidence of his approval of the final form of such Document. The Documents in final form, however, must be consistent with the financing plan described in this resolution and must provide (a) for the amount financed by the County not to exceed $8,000,000, (b) for an annual interest rate not to exceed 3.68% (in the absence of default, or a change in tax status), and (c) for a financing term not to extend beyond December 31, 2023. 3. Authorization to Finance Officer to Complete Closing —The Board authorizes and directs the Finance Officer 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. Without limiting the generality of the foregoing, the Board specifically authorizes the Finance Officer to approve changes to any Documents, agreements or certifications previously signed by County officers or employees, provided that such changes do not conflict with this resolution or substantially alter the intent from that expressed in the form originally signed. The Finance Officer's authorization of the release of any such