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Item 6-a R E J"~ ~' ~ '- ~ ~ ~' s <br />January 20, 2011 BOCC Regular Meeting ~ 1 _ ?~ -- ~~ 1 1 <br />Revised Resolution ~f ~ ~ <br />Resolution Providing Final Approval of Terms and <br />Documents for QSCB School Improvements Financing <br />WHEREAS: <br />Orange County has been asked by the Boards of Education for both Orange <br />County Schools and the Chapel Hill - Carrboro City Schools to cooperate in the <br />construction and financing of various public school improvements, including <br />construction of a new auditorium wing at Stanford Middle School, various roof <br />replacements and renovations for Orange County Schools, and various roof <br />replacements for the Chapel Hill - Carrboro City Schools. <br />The County has also stated an intent to finance project costs by the use of <br />an installment contract, as authorized under Section 160A-20 of the North <br />Carolina General Statutes, that qualifies as a "qualified school construction bond" <br />(a "QSCB"). <br />The Finance Off cer has obtained for the County a proposal from Branch <br />Banking and Trust Company ("BB&T) to provide the QSCB installment financing <br />to the County. <br />The Finance Officer has made available to this Board the draft agreements <br />listed on Exhibit A (the "Agreements"), which relate to the County's carrying out <br />the QSCB financing plan. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />I. Determination To Proceed with Financing -The County confirms <br />its plans to undertake and finance the Project. The County accepts a proposal from <br />BB&T dated January 13, 2011, to provide Project financing. <br />Under the financing plan, BB&T will make funds available to the County <br />for use on Project costs. The County will repay the amount advanced over time. <br />As part of the financing plan, the Orange County School Board will convey C.W. <br />Stanford Middle School (and its associated real property) to the County, so that the <br />transferred property can provide collateral for the financing. The County will grant <br />to BB&T a mortgage-type interest in the property to secure the County's <br />repayment obligation. <br />2. Approval of Agreements; Direction To Execute Documents -- The <br />Board approves the forms of the Agreements submitted to this meeting. The Board <br />authorizes and directs the Board's Chairman and the County Manager, ~or either of <br />