HomeMy WebLinkAboutRES-2013-032 Resolution Providing Preliminary Approval of Installment Financing RES-2013-032
C.
Resolution Providing Preliminary
Approval for Installment Financing
WHEREAS:
The Board has determined to pursue the financing of various public improvements,
including utility improvements in the Buckhorn Economic Development District, vehicle
replacements, and roof, information technology and HVAC improvements.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. Approval for installment financing -- The Board makes a preliminary
determination to proceed with financing approximately $10 million for the approved projects.
The financing will take the form of an installment financing, as provided for under Section
160A-20 of the General Statutes. The Board will make a final determination to proceed with
the financing, and to approve financing terms, by one or more subsequent Board actions.
2. Staff to proceed with issue — The County Manager, the Finance Officer and all
other County officers are directed to take all proper steps to proceed with the financing,
including proceeding with an application to the North Carolina Local Government Commission
for its required approval of the financing and soliciting financing proposals from financial
institutions. The Board appoints the Finance Officer as the County's authorized representative
with respect to the LGC application process.
3. Call for public hearing-- The County Manager, in collaboration with the
Clerk to this Board, is directed to provide for the scheduling of the required public hearing for
this financing, and to provide for notice of the hearing to be given in accordance with law.
4. Miscellaneous provisions -- All County officers and employees are authorized to
take all such further action as they may consider necessary or desirable in connection with the
furtherance of the purposes of this resolution. All such prior actions of County officers and
employees are ratified. All other resolutions, or parts thereof, in conflict with this resolution are
repealed, to the extent of the conflict. This resolution takes effect immediately.
I certify as follows: that the foregoing resolution was properly adopted at a meeting of the
Board of Commissioners of O an e County, North Carolina; that this meeting was properly
called and held on , 3; that a quorum was present and acting throughout
the meeting;and that this esolutio has not been modified or amended, and remains in full effect
as of today.
Dated this off.' , 2013.
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. 17 Clerk, Board f Commissioners
! _, 'z Orange County,North Carolina