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RES -2021 -021 ` .s <br /> ��� , � a Attachment 1 <br /> Resolution supporting an application to the Local Government <br /> Commission for its approval of a County financing agreement <br /> WHEREAS The Orange County Board of Commissioners has previously determined to <br /> carry out various public improvements and acquisitions , as identified in the County' s <br /> capital improvement plan and as described in Exhibit A. The County has also been <br /> advised that the County may be able to save money at the same time by refinancing <br /> some of its outstanding loans , as described in Exhibit B . <br /> The Board has also determined to finance the costs of these projects g <br /> ects through <br /> an installment financing, as authorized under Section 160A - 20 of the North Carolina <br /> General Statutes . In an installment financing, the County' s repayment obligation is <br /> secured by a mortgage - type interest in all or part of the property being financed, but <br /> not by any pledge of the County' s taxing power or any specific revenue stream . In this <br /> case , the County expects to place that mortgage on the Whitted Building, Blackwood <br /> Farm Park and possibly other facilities originally financed with loans now to be <br /> refinanced . <br /> North Carolina law requires that the County' s financing be approved by the <br /> North Carolina Local Government Commission (the " LGC " ) , a division of the North <br /> Carolina State Treasurer ' s office . Under the guidelines of the North Carolina Local <br /> Government Commission, this governing body must make certain findings of fact to <br /> support the County' s application for the LGC ' s approval of the County' s financing <br /> arrangements . <br /> 1 . THEREFORE, BE IT RESOLVED by the Orange County Board of <br /> Commissioners, as follows : <br /> ( a) The County makes a preliminary determination to finance <br /> approximately $ 18 , 700 , 000 to pay capital costs of public improvements and <br /> acquisitions , and in particular those described in Exhibit A. <br /> (b ) In addition, the County makes a preliminary determination to finance an <br /> amount estimated as up to approximately $ 18 , 060 , 000 to refinance existing loans and <br />