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5 <br />therefore lends itself to the use of installment financing. This financing will be in keeping <br />with the County's approach to balance school project financing between voter-approved <br />bonds and installment financings. <br />(3) The estimated sums to fall due under the proposed financing contract will <br />be adequate and not excessive for the proposed purpose. The contemplated financing will <br />proceed only as qualified school construction bond financing carrying a zero or very low <br />interest rate. Amounts to be financed for each project will reflect contract prices or well- <br />developed engineering or architectural estimates acceptable to the County. <br />(4) As confirmed to the Board at this meeting by the County's Finance Officer, <br />(a) the County's debt management procedures and policies are sound and in compliance <br />with law, and (b) the County is not in default under any of its debt service obligations. <br />(5) The County estimates that this financing will have no tax rate impact, in <br />that the repayment of the amounts. financed will be within the existing resources <br />dedicated to school capital projects. <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, as follows: <br />(a) The Finance Officer is authorized and directed to take all appropriate steps <br />toward the completion of the financing, including (i) completing an application to the <br />LGC for its approval of the proposed financing, and (ii) soliciting one or more proposals <br />from financial institutions to provide the financing. All actions of the County's Finance <br />Officer and other County representatives in furtherance of the completion of the <br />contemplated financing are ratified, approved and confirmed. <br />(b) The County intends that the adoption of this resolution will be a declaration <br />of the County's official intent to reimburse project expenditures from financing proceeds. <br />The County intends that funds that have been advanced for project costs, or which may <br />be so advanced, from the County's general fund, or any other County fund, may be <br />reimbursed from the financing proceeds. <br />(c) The Board will hold a public hearing on this matter on October 6, 2009. <br />The Clerk to this Board is authorized and directed to publish a notice of such public <br />hearing in the manner provided for by law. <br />(d) This resolution takes effect immediately. <br />