HomeMy WebLinkAboutRES-2010-016 Resolution Approving Revised Terms for Carrboro High School Arts Wing FinancingRes-aoio-o~~
Resolution Approving Revised Terms
For Carrboro High School Arts Wing Financing
WHEREAS:
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On November 17, 2009, the Orange County Board of Commissioners approved
terms and documents related to the County's financing of the planned Carrboro High
School arts wing (the "Project").
Completion of the financing has been delayed pending final approval by the North
Carolina Local Government Commission. This approval is now expected at the LGC's
meeting on March 2, 2010. Because of the delay, the initial financing commitment from
Branch Banking and Trust Company ("BB&T") has expired. BB&T has renewed its offer
to provide Project financing. Because of changed market conditions, the new financing
proposal calls for an interest rate of 2.09%.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. The Board confirms its decision to carry out the Project with financing
from BB&T.
2. The Board approves an annual interest rate payable on the financing of not
to exceed 2.09%. Otherwise, the Board's approval of Project financing terms and
agreements as set forth in the Board's resolution of November 17, 2009, is ratified and
confirmed.
3. All County officers and employees are authorized and directed to take all
such further action as they may consider necessary or desirable in furtherance of the
purposes of this resolution. All such prior actions of County officers and employees are
ratified, approved and confirmed. This resolution takes effect immediately.