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(b) The proposed installment financing is preferable to a bond issue for the <br />same purposes. These projects are for discrete facilities and are for relatively small <br />amounts. These projects therefore lend themselves to installment financing and are not <br />particularly suitable for voter-approval bond financing. <br />(c) The estimated sums to fall due under the proposed financing contract are <br />adequate and not excessive for the proposed purpose. The County will obtain <br />competitive lending proposals, and will closely review proposed lending rates against <br />market rates with guidance from the LGC. All project costs to be financed will be based <br />on approved bids for the construction and acquisition. <br />(d) As confirmed to the Board at this meeting by the County's Finance Officer, <br />(i) the County's debt management procedures and policies are sound and in compliance <br />with law, and (ii) the County is not in default under any of its debt service obligations. <br />(e) The County expects that the amounts required to repay the amounts financed <br />for the projects will require the equivalent of a real property tax increase of <br />approximately .69 cents. Such an increase is appropriate under all the circumstances, <br />given the need for the projects. In addition, the County expects that debt service related <br />to the landfill equipment will be paid from the County's solid waste enterprise fund. <br />(f) 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 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 />(b) The Board will hold a public hearing on this matter. The County Manager <br />is authorized and directed to set the date and time of the hearing, and the Clerk to this <br />Board is authorized and directed to publish a notice of such public hearing in the manner <br />provided for by law. <br />(c) This resolution takes effect immediately. <br />* ~ * ~ * ~ <br />I certify that the foregoing resolution was duly adopted at a meeting of the Board <br />of Commissioners of Orange County, North Carolina, duly called and held on June 24, <br />9R262v1 <br />