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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]


title
Adopt Final Resolution for Approval of Limited Obligation Bonds.
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Staff:
Department:
Amy Oland, Director
Business Management


Recommendation(s):
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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