Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 7, 2020 <br /> Action Agenda <br /> Item No. 8-h <br /> SUBJECT: Adoption of the Final Financing Resolution Authorizing the Issuance of <br /> Approximately $40,000,000 in Installment Purchase Financing for Various <br /> Capital Investment Plan Projects <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 2020 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. School Project Category <br /> Descriptions <br /> Attachment 7. PowerPoint <br /> PURPOSE: To adopt the final financing resolution authorizing the issuance of approximately <br /> $40,000,000 in installment financing to finance capital investment projects and equipment for the <br /> fiscal year, including amounts to pay transaction costs. <br /> BACKGROUND: At the March 10, 2020 Board Business meeting, the Board of County <br /> Commissioners conducted a public hearing and received preliminary information on capital <br /> projects and equipment financing. The Board made a preliminary determination to finance costs <br /> of these projects and equipment and financing costs by the use of an installment financing, as <br /> authorized under Section 160A-20 of the North Carolina General Statutes. <br /> County staff has been in contact with the Local Government Commission (LGC) staff and expects <br /> no issues in receiving full LGC approval (expected the same day of this Board meeting - April 7, <br /> 2020). <br />