Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 1, 2019 <br /> Action Agenda <br /> Item No. 6-a <br /> SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of <br /> $37,000,000 in Installment Purchase Financing for Various Capital Investment <br /> Plan Projects Including Refinancing Existing County Debt of$16,359,886 <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Resolution Approving Gary Donaldson, (919) 245-2453 <br /> Financing Terms and Paul Laughton, (919) 245-2152 <br /> Documents for 2019 Robert Jessup, (919) 933-9891 <br /> Installment Financing <br /> Attachment 2. Deed of Trust <br /> Attachment 3. Trust Agreement <br /> Attachment 4. Draft Preliminary Official <br /> Statement <br /> Attachment 5. Bond Purchase Agreement <br /> Attachment 6. PowerPoint <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of approximately <br /> $37,000,000 in installment financing to finance capital investment projects and equipment which <br /> includes refinancing $16,359,886 of existing County debt. The financing includes amounts to <br /> pay transaction costs. <br /> BACKGROUND: At the September 3 and 17, 2019 regular Board meetings, the Board of <br /> County Commissioners conducted public hearings and received preliminary information on <br /> capital projects and equipment financing and refinancing existing debt obligations. The Board <br /> made a preliminary determination to finance these capital projects and equipment, and financing <br /> costs by the use of an installment financing, as authorized under Section 160A-20 of the North <br /> Carolina General Statutes. <br /> The statutes require that the County adopt a financing resolution supporting the application to <br /> the Local Government Commission (LGC) for approval of the financing. County staff has been <br /> in contact with the LGC staff, and expects no issues in receiving full LGC approval. <br /> If the Board adopts the final financial resolution authorizing final approval for the financing, staff <br /> expects the LGC to approve the financing plan at its October 1, 2019 meeting as well. Under <br />