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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 />,-=- <br />r~~L} \~~ <br />k -' ~~~ ~', Donna Baker <br />~, ~ , ` ~ ; <br />Clerk, Board of Commissioners <br />~° ~~ ' ~'"~~ Orange County, North Carolina <br />