RES-2009-071 Application to Local Government Commission for Approval of School Financing Arrangements for County

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