Item:
Title
Approval of Resolutions for Installment Financing Agreement and Certain Related Documents Pursuant to General Statue (G.S.) 160A-20, Evidencing a Public Hearing and Designating the Chief Financial Officer to Declare Official Intent on Behalf of the County to Reimburse Certain Expenditures Under U.S. Department of Treasury Regulations
Body
Date Of BOCC Meeting: June 25, 2018
Request For Board Action:
Agenda Text
The Board is requested to adopt the attached resolutions. The first resolution makes certain determinations concerning a proposed installment financing pursuant to G.S. 160A-20. The proposed installment financing would be in an amount not to exceed $60,000,000 and would be used/issued for (a) refinancing a portion of the County's obligations pursuant to an Installment Financing Contract dated March 30, 2017 (e.g., the Judicial Building Renovations Project in the amount of $43.5M) with PNC Bank, National Association and (b) financing for the Detention Center POD, County's share of the Emergency Communications Center in the new Police Headquarters, Emergency Radio Communication Equipment, Detention Center Elevators, Renovation of the 7th Floor of the Administration Building II and Firefighting Vehicles (3) (collectively, the "Project"). The County will secure the repayment of the proposed financing by granting a security interest in a portion of the Project and certain related property.
The Board of County Commissioner is also requested to hold a public hearing on the proposed installment financing pursuant to G.S. 160A-20(g).
Also, please note that the funding source for the debt service for the financing of the firefighting vehicles will be the Durham County Fire and Rescue (DCFR) Service Tax Fund.
The second resolution is designating the Chief Financial Officer (CFO) of the County to declare official intent on behalf of the County to reimburse certain expenditures under the United States Department of Treasury Regulations. Th...
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