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File #: [21-0583]    Version: 1 Name:
Type: Consent Status: Passed
File created: 6/13/2021 In control: Town Council
On agenda: 6/23/2021 Final action: 6/23/2021
Title: Adopt Final Resolution for Approval of Limited Obligation Bonds.
Attachments: 1. Draft Trust Agreement, 2. Draft Deed of Trust, 3. Draft Bond Purchase Agreement, 4. Draft Escrow Agreement
Related files: [21-0501], [21-0530]

Adopt Final Resolution for Approval of Limited Obligation Bonds.

Amy Oland, Director
Business Management

That the Council adopt the resolution providing for final issuance approval of terms and documents for the Town's 2021 Limited Obligation Bonds issuance for the Rosemary Deck Parking project ($39 million), Blue Hill District Phase II - Elliott Road Reconstruction project ($6.48 million), and to refinance existing obligations (up to $10 million).

Background Information:
There are certain steps related to the financing of projects that require Council action, including the:
* Submission of an application to the Local Government Commission (LGC) for its approval of the Town financing agreement (approved on June 2nd);
* Holding a public hearing (held on June 9th); and
* Final issuance approval of terms and documents (tonight's meeting)

The resolution providing for the final issuance approval does the following:
* Confirms the Council's decision to carry out the proposed installment financing
* Approves the forms of the documents for the installment financing and authorizes the Mayor and the Town Manager to execute and deliver those documents, including:
o Draft Installment Financing Contract between the Town and Town of Chapel Hill Public Facilities Corporation (the Company)
o Deed of Trust and Security Agreement from the Town to a deed of trust trustee providing for a security interest in the new Rosemary Street Parking Deck and the Town Operations Center
o Trust Agreement between the Company and a Trustee for issuance of the limited obligation bonds.
o Bond Purchase Agreement providing for the underwriters obligation to purchase the bonds
* Appoints Robert W. Baird & Company and Wells Fargo Bank to underwrite a public offering of the proposed limited obligation bonds and approves the draft official statement.
* Authorizes refinancing of obligations with existing lenders and authorizes the Finance Offi...

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