AG 2006 05 15 - Laserfiche WebLink

Home Browse Search

would secure the repayment by the County of the moneys advanced pursuant to such long-term installment financing contract by granting a security interest in and lien on all or a portion of the Project; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of Certificates of Participation in the long-term installment financing contract in an aggregate principal amount not exceeding $90,000,000 to finance the advancement of moneys to the County pursuant to the long-term installment financing contract between the County and the Corporation; WHEREAS, as part of the proposed plan of financing for the Project, the Board of Commissioners further desires to authorize and obtain interim financing for the Project in an aggregate principal amount of up to $25,000,000, which would involve the entry by the County into one or more short-term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes l60A-20, as amended, the proceeds of which would be used to provide interim financing for the Project pending execution and delivery of the long- term financing contract and the related Certificates of Participation, and under said one or more short-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short-term installment financing contract(s) by granting a security interest in and lien on all or a portion of the Project; and WHEREAS, North Carolina General Statutes l60A-20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the short-term installment financing contract(s), the long-term installment financing contract and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Proj ect and the financing thereof by the short-term contract(s) and the long-term contract is necessary and expedient for the County; (ii) financing of the Project by the short-term contract(s) and the long-term contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the short-term contract(s) and the long-term contract are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and 2 (-I