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HomeMy WebLinkAboutRES-2020-026 Resolution authorizing the borrowing of approximately $40,750,000 in installment financing to finance capital investment projects and equipment for the fiscal year J RES -202MM s * h draft of Auri18 Resolution providing final approval of terms and documents for Spring 2020 installment financing WHEREAS - The Board of Commissioners has previously determined to carry out various public improvements and acquisitions , as identified in the County' s capital improvement plan and as described on Exhibit A . The Board has determined to carry out the financings by using an installment financing, as authorized under Section 160A - 20 of the North Carolina General Statutes . Capital One Public Funding, LLC (the " Lender" ) , has submitted a proposal to provide the financing . County staff has made available to the Board the draft documents listed on Exhibit B (the " Documents " ) , which relate to the County ' s carrying out the financing plan . This resolution provides the County Board ' s final approval of the financing terms and the substantially final financing documents . BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows : 1 . Determination to Proceed with Financing - - The Board confirms its decision to carry out the proposed installment financing as described above , to provide financing for new public assets and improvements . The County will carry out the projects with financing from the Lender substantially in accordance with a financing proposal from the Lender dated April 1 , 2020 . Under the financing plan , the County will receive funds from the Lender to carry out the projects . The County will repay the funds over time , with interest . The County will secure its repayment obligation by granting a mortgage - like interest in some or all of the following facilities : ( a ) the County' s Government Services Annex at 208 S . Cameron St . in Hillsborough , along with the County' s Link Center and the District Attorney' s office buildings ( b ) the County' s Emergency Operations Center on Meadowlands Drive in Hillsborough ; ( c ) the proposed site of the new Northern County Campus ; and ( d ) the County' s Southern Campus in Chapel Hill . 20 Approval of Documents; Direction to Execute Documents - - The Board approves the forms of the Documents submitted to this meeting . The Board authorizes the Chair and the County Manager, or either of them , to execute and deliver the Documents when in final form . The Documents in their respective final forms must be in substantially the forms presented , with changes as the Chair or the County Manager may approve . The execution and delivery of any Document by an authorized County officer will be conclusive evidence of that officer ' s approval of any changes . The Agreements in final form, however, must be consistent with the financing plan described in this resolution and must provide ( a) for the amount financed by the Town not to exceed $ 43 , 000 , 000 , ( b ) for an annual interest rate not to exceed 2 . 70 % ( in the absence of default, or a change in tax status ) , and ( c) for a financing term not to extend beyond December 31 , 2040 . The amount financed under the Documents may include amounts to pay financing expenses and other necessary and incidental costs . 4. Officers to Complete Closing - The Board authorizes the County Manager, the Finance Officer and all other County officers and employees to take all proper steps to complete the financing in accordance with the terms of this resolution . The Board authorizes the County Manager to hold executed copies of all financing documents authorized by this resolution in escrow on the County ' s behalf until the conditions for their delivery have been completed to her satisfaction , and then to release the executed documents for delivery to the appropriate persons or organizations . Without limiting the generality of the previous paragraphs , the Board specifically authorizes the County Manager ( a) to approve and enter into , on behalf of the County, any additional agreements appropriate to carry out the financing plan contemplated by this resolution, and ( b ) to approve changes to any documents previously signed by County officers or employees , provided that the changes do not substantially alter the intent from that expressed in the form originally signed . The County Manager ' s authorization of the release of any document for delivery will constitute conclusive evidence of her approval of any changes . In addition , the County Manager and the Finance Officer are authorized to take all appropriate steps for the efficient and convenient carrying out of the County' s on - going responsibilities with respect to the financing . This authorization includes , without limitation , contracting with third parties for reports and calculations that may be required under the Documents , this resolution or otherwise with respect to the bonds . 6. Miscellaneous Provisions - The Board authorizes all County officers and employees to take all further action as they may consider desirable to carry out the purposes of this resolution . In particular, the Board directs the Clerk to this Board to apply the County ' s seal to the final form Documents , and to attest to the application of the seal . The Board ratifies all prior actions of County officers and employees to this end . Upon the unavailability or refusal to act of the County Manager, the Chair or the Finance Officer, any other of those officers may assume any responsibility or carry out any function assigned in this resolution . In addition , the Vice Chair or any Deputy or Assistant Clerk may carry out or exercise any rights or responsibilities assigned in this resolution to the Chair or the Clerk . The Board repeals all other Board proceedings , or parts of proceedings , in conflict with this resolution , to the extent of the conflict . This resolution takes effect immediately . NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners that this resolution is effective upon approval . Upon motion of Commissioner me ' . seconded by Commission r ►ct , the foregoing resolution was adopted this , the day of 2020 . I , Donna S . Baker, Clerk to the Board of Commissioners for the County of Orange , North Carolina , DO HEREBY CERTIFY that the foregoing is a true c py o so much of the proceedings of said Board at a meeting held on 2020 , as relates in any way to the adoption of the foregoing anJ that said proceedings are recorded in Minute Book No . of the minutes of said Board . WITNESS my hand and the seal of said County, the day of 2020 . kk IFfz 74 Donna S . Baker 17 e g� Clerk to the Board IA 1' f f e'a9 VII 41 . fit t �� �� Exhibit A - list of proiects to be financed with estimated amounts Component Estimated Cost Facility, Accessibility, Safety and Security Projects $ 212 , 634 Generator Projects $ 33 , 000 HVAC Projects $ 230 , 218 Major Plumbing Repairs $ 50 , 885 Northern Campus — Detention Center $ 21 , 989 , 681 Northern Campus — EAC $ 51677 , 065 Northern Campus — Parks Operations $ 11404, 810 Government Services ( Link ) Remediation $ 581 , 503 Skill Development Relocation - Europa Center Upfits $ 254 , 953 Roofing and Fagade Projects $ 686 , 167 Parks and Recreation Facility Renovations . Repairs , Safety Improvements $ 246 , 500 Conservation Easements $ 259 , 514 River Park, Phase II $ 118 , 509 ITGC Initiatives $ 197 , 826 IT Infrastructure $ 489 , 910 Communication Systems $ 273 , 221 Solid Waste - Equipment and Vehicles $ 717 , 228 Solid Waste - Administrative Building Remediation $ 281 , 324 Sportsplex Capital Items - 2 Vans $ 70 , 090 Schools - Recurring Capital Needs $ 31000 , 000 Schools - Improvements to Older Facilities $ 472 , 941 Schools — Other Various Projects $ 31242 , 252 Total Project Costs $ 4% 490, 231 The County will also use additional loan proceeds to pay financing costs . Exhibit B - - Draft Documents ( a ) A draft dated April 8 , 2020 , of a Third Supplemental Trust Agreement to be dated on or about May 1 , 2020 , between the County and The Bank of New York Mellon Trust Company, N . A . (the " Trustee " ) , providing for the advance of funds to the County, for the issuance of a limited obligation bond to the Lender, for the County' s obligation to repay the amounts advanced , and for the County' s responsibilities for the use and care of the collateral ( b ) A draft dated April 8 , 2020 , of a Deed of Trust Supplement # 3 to be dated on or about May 1 , 2020 , from the County to a deed of trust trustee for the Trustee ' s benefit, providing for a security interest in property to secure the County' s obligations under the limited obligation bonds and the other financing documents .