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5 <br /> service obligations. <br /> (5) The County estimates that debt service on this financing will have a <br /> maximum tax rate equivalent impact of approximately 2.33 cents. This debt service <br /> impact will be higher in initial years, although the County expects to complete <br /> financing arrangements that reduce debt service payable in the 2009-2010 fiscal <br /> year. This debt service impact is contemplated in the County's existing capital <br /> investment program and is consistent with the Board's previously-approved debt <br /> policies. <br /> (6) The County Attorney is of the opinion that the proposed projects are <br /> authorized by law and are purposes for which public funds of the County may be <br /> expended pursuant to the Constitution and laws of North Carolina. <br /> BE IT FURTHER RESOLVED that all actions of the County's Finance <br /> Officer and other County representatives in filing an application with the LGC for <br /> its approval of the project and the proposed financing arrangements, and otherwise <br /> in furtherance of the completion of the contemplated financing, are ratified, <br /> approved and confirmed, and that this resolution takes effect immediately. <br /> * * * * * * * <br /> I certify that the foregoing resolution was duly adopted at a meeting of the <br /> Board of Commissioners of Orange County, North Carolina, duly called and held <br /> on March 3, 2009, and that a quorum was present and acting throughout such <br /> meeting. Such resolution remains in full effect as of today. <br /> Dated this day of , 2009. <br /> [SEAL] <br /> Donna Baker <br /> Clerk, Board of Commissioners <br /> Orange County, North Carolina <br />