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<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 acost-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 aself-liquidating financing. The County has chosen to fmance 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 />