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4 <br /> BE IT FURTHER RESOLVED that the Board of Commissioners makes <br /> the following findings of fact: <br /> (1) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. The Gateway Center, office building and library <br /> projects will provide needed space for County functions in a cost-effective manner. <br /> The parks, open space and affordable housing projects will help carry out County <br /> policies that have been repeatedly approved by the Board. The solid waste and <br /> property management information system projects will provide needed equipment <br /> useful in maintaining and improving the efficiency of County operations. <br /> (2) The proposed installment financing is preferable to a bond issue for <br /> the same purpose under all the circumstances. <br /> The County has no meaningful ability to issue general obligation bonds for <br /> the Gateway Center, office building, library, solid waste equipment or PIM system. <br /> These financings are for discrete facilities and therefore particularly suitable for <br /> installment financing. Although the parks, open space and affordable housing <br /> projects represent projects for which the County's voters have approved general <br /> obligation bonds, it is more cost effective to finance those projects in this larger <br /> installment financing than to proceed with a separate bond financing for the <br /> relatively small amount of authorized bonds. <br /> None of these projects will produce any revenues that could be used to <br /> support a self-liquidating financing. The County has chosen to finance these <br /> projects through installment financing as part of a balanced capital finance <br /> program that includes both installment financings and voter-approved bonds. <br /> (3) The estimated sums to fall due under the proposed financing contract <br /> are adequate and not excessive for the proposed purpose. The County will obtain <br /> competitive lending proposals, and will closely review proposed lending rates <br /> against market rates with guidance from the LGC. Amounts to be financed for each <br /> project will reflect contract prices or other firm costs, except that the amount to be <br /> financed now for the PIM system reflects an estimate of initial financing needs and <br /> may be supplemented. <br /> (4) As confirmed to the Board at this meeting by the County's Finance <br /> Officer, (a) the County's debt management procedures and policies are sound and <br /> in compliance with law, and (b) the County is not in default under any of its debt <br />