Item:
Title
Approval of Resolution for Limited Obligation Bonds and Certain Related Documents Pursuant to G.S. 160A-20
Body
Date of BOCC Meeting: December 9, 2019
Request for Board Action:
Agenda Text
The Board is requested to adopt the attached resolution approving the issuance of Limited Obligation Bonds (the "Bonds") in an amount not to exceed $145,000,000 and approving the forms of certain documents related to the issuance of the Bonds including the Amendment to an Installment Financing Agreement, a Supplement to a Trust Agreement, an Escrow Agreement, a Bond Purchase Agreement and related Letter of Representations and a Preliminary Official Statement (collectively, the "Instruments"). The Bonds will be used to (a) refinance the County's outstanding obligations under an Installment Financing Contract dated March 30, 2017 with PNC Bank, National Association, (b) finance improvements to County's historic administration building, now known as Admin Building I and (c) refinance a portion of the County's outstanding 2012 and 2014 Limited Obligation Bonds (LOBs) for debt service savings. The resolution authorizes the execution and delivery of the Bonds and approves the form of the Instruments. In addition, the resolution authorizes the County to enter into the Instruments to which the County is a party and appoints the Chair of the Board, the Clerk to the Board, the County Manager, the Chief Financial Officer, the Deputy Chief Financial Officer and the County Attorney, including anyone serving as such in an interim capacity, or their respective designees to serve as Authorized Officers who are permitted to act on behalf of the County in connection with the transactions contemplated by the Instruments and do all things necessary, including authorizing further changes to the Instruments, to consummate the transactions contemplated by the Instruments.
Please note that the first step in this process was the approval of the Board on the preliminary resolut...
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