AGENDA #2.2c

 

RESOLUTION B

 

A RESOLUTION AUTHORIZING THE TOWN MANAGER TO EXECUTE A FINANCING CONTRACT FOR MAJOR RENOVATIONS ON THE INTERFAITH COUNCIL BUILDING (IFC), ROOF REPAIRS FOR TOWN HALL, FIRE STATION #2, FIRE STATION #3, AND THE CHAPEL HILL MUSEUM, AND RENOVATIONS TO VARIOUS TENNIS AND BASKETBALL COURTS FOR THE 2003-04 FISCAL YEAR (2004-03-22/R-2)

WHEREAS, the Town of Chapel Hill solicited and received competitive proposals from financial institutions for the this project; and

WHEREAS, Wachovia Bank offers the lowest total interest and principal cost of $1,213,345 for the 10-year term contract;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Town Manager to enter into a contract with Wachovia Bank on behalf of the Town for the financing of: major exterior repairs for the Interfaith Council Building (IFC); roof replacement for Town Hall, Fire Station #2, Fire Station #3, and the Chapel Hill Museum; and resurfacing of various Town tennis and basketball courts at a fixed interest rate of 2.92%; and

BE IT FURTHER RESOLVED, that the Council does not reasonably expect that the Purchaser (and any subordinate entities) will issue more than $10,000,000 in qualified tax-exempt obligations pursuant to such Sections 265(b)(3)(ii) during the current calendar year.

This the 22^nd day of March, 2004.