HomeMy WebLinkAboutRES-2006-105 Resolution Authorizing Installment Financing Agreement for Equipment Purchases. ,,a ~ la ~e 3
RESOLUTION AUTHORIZING INSTALLMENT FINANCING
AGREEMENT FOR EQUIPMENT PURCHASES
WHEREAS:
Orange County ("County") has previously approved the purchase of equipment for use by
County's Solid Waste Department and directed the Finance Director to seek financing for the
purchases;
WHEREAS, County has solicited competitive proposals from banks to provide the
desired installment financing, and Banc of America Public Capital Corp. (the "Bank") has
submitted the best proposal.
BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County,
North Carolina ("the Board"), as follows:
1. Determination To Proceed with Financing -County confirms its financing
plans for the equipment purchases. County will carry out the financing .plan with installment
financing from the Bank, in accordance with the financing documents received from the Bank.
2. Direction To Execute Documents -The Board authorizes and directs the
Board's Chair, the County Manager, the County Finance Director and the County Attorney to act
on County's behalf and execute and deliver all appropriate documents (the "Documents") for the
proposed financing. It is the Board's understanding that the Documents will be in form
substantially similar to those accompanying this Resolution and that the Documents are similar
to those used in other. financings provided to County and other North Carolina local
governments.
The execution and delivery of any document by an authorized officer will be conclusive
evidence of such officer's approval of the final form of such document. The Documents in final
form, however, must be consistent with the financing plan described in this Resolution and be
https://10.253.0.7/e~cchange/gwilderMbox/Re: FW: SAMPLE DOCUM~NTS AND CREDIT OFFICER CONTACT
INFO.EMLl multipart xF8FF 2_Resol for Solid Waste Equip Financing.doc/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Resol for Solid
Waste Equip Financing.doc?attach=l
4
consistent with the Bank's proposal (or more advantageous to County in the Finance Director's
determination). In addition, the Documents in final form must provide (a) for the amount
financed by County not to exceed Eight Hundred Forty-two Thousand Thirty-eight Dollazs
($842,038.00) and (b) for a financing term not to extend beyond fifty-nine months from closing.
The Bank's proposal calls for an annual interest rate not to exceed 3.6% (in the absence of
default, or a change in credit or tax status).
3. Authorization To Finance Director To Complete Closing -The Board
authorizes and directs the Finance Director to hold executed copies of all financing documents
authorized or permitted by this Resolution in escrow on County's behalf until the conditions for
their delivery have been completed to such officer's satisfaction, and thereupon to release the
executed copies of such documents for delivery to the appropriate persons or organizations.
Without limiting the generality of the foregoing, the Boazd specifically authorizes the
Finance Director to approve changes. to any Documents, agreements or certifications previously
signed by County officers or employees, provided that such changes do not conflict with this
Resolution or substantially alter the intent from that expressed in the form originally signed. The
Finance Director's authorization of the release of any such document for delivery will constitute
conclusive evidence of such officer's approval of any such changes.
4. Miscellaneous Provisions -All County officers and employees are authorized
and directed to take all such further action as they may consider necessary or desirable in
fiutherance of the purposes of this Resolution. All such prior actions of County officers and
employees are ratified, approved and confirmed. Upon the absence, unavailability or refusal to
act of the County Manager, the Boazd's Chair or the Finance Director, any other of such officers
may assume any responsibility or carry out any function assigned in this Resolution. All other
httpsJ/10.253.0.7/exchangelgwilder/Inbox/Re: FW: SAMPLE DOCUM~NTS AND CREDIT OFFICER CONTACT
INFO.EMUI multipart xF8FF_2 Resol for Solid Waste Equip Financing.doc/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Resol for Solid
Waste Equip Financing.doc?attach=l
REIlVIBURSEMENT RESOLUTION -- EQUIPMENT ACQUISITION PROJECT
WHEREAS, the Finance Officer has described to the Board the desirability of
adopting a resolution, as provided under federal tax law, to facilitate the County's using proceeds
of tax-exempt financing to restore the County's funds when the County makes capital
expenditures prior to closing on the financing.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
following:
Section 1. The project is the acquisition of certain equipment, including the
Caterpillaz 325DL Excavator at a total cost of $280,527.00
Caterpillaz Mode1730 Articulated Truck at a total cost of $346,043.00
33,200 18-gallon recycling bins at a total cost of $215,468.00
Section 2. The County intends to finance the project. The expected type of
financing (which is subject to change) is installment financing under Section 160A-20 of the
General Statutes. The expected maximum amount of bonds or other obligations to be issued or
contracted for the project is $842;038.
Section 3. The County intends that funds that have been advanced, or may be
advanced, from the County's General Fund, or any other fund, for project costs will be
reimbursed from the financing proceeds.
Section 4. The County intends that the adoption of this resolution will be a
declaration of this County's official intent to reimburse project expenditures from financing
proceeds.
I certify that the foregoing resolution was duly adopted at a meeting of the Board of
Commissioners of Orange County, North Carolina, duly called and held on December 12, 2006,
and that a quorum was present and acting throughout such meeting. Such resolution remains in
full effect as of today.
Dated this ~~ day of December, 2006.
~~
96887v1
~~~
~~
E. ~ ~~ ~~~~~~~
C1e44I'k, Board of Commissioners
Orange County, North Carolina