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<br />(1) the form of the Agreement; and <br />(2) the form of the Indenture. <br />WHEREAS, it appears that each of the Instruments is in appropriate <br />form and is an appropriate instrument for the purposes intended; <br />WHEREAS, the net sums to fall due under the Agreement will not exceed <br />$400,000 in each year for 10 years and can be included in the County's budget; <br />WHEREAS, it is reasonable to conclude .that the payments under the <br />Agreement are not excessive for the stated purpose and no increase in the <br />property tax rate will be required to raise funds to fall due under the <br />contract in each fiscal year during the term of the Agreement; <br />WHEREAS, the County Attorney is of the opinion that this-transaction <br />is authorized by law and is a purposQ for which. public funds may -be expended <br />pursuant to the Constitution and laws of the State; <br />WHEREAS, the County's budget process and Annual Budget Ordinance are <br />in compliance with the Local Government Budget and Fiscal Control Act, and <br />external auditors have determined that the County has conformed with generally <br />accepted accounting principles in preparing its Annual .Budget Ordinance; <br />WHEREAS, past audit reports of the County indicate that its debt <br />management and contract obligation payment policies have been carried out in <br />strict compliance with the law, and the County has not been censured by the <br />North Carolina Local Government Commission (the "LGC"), external auditors, or <br />any other regulatory agencies in_connection with such management; <br />WHEREAS, the County is not in default in meeting any of its debt <br />service or contract obligations; <br />WHEREAS, the Board has previously approved the Agreement and the <br />issuance of the Bonds by the Corporation after a public hearing thereon, but <br />an increase in the principal amount of such Bonds has required a second public <br />hearing thereon which was conducted this 4th day of April, 1994; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE <br />COUNTY OF ORANGE, NORTH CAROLINA, AS FOLLOWS: <br />Section 1. That all actions of the County in effectuating the <br />Project are hereby approved, ratified and authorized pursuant to and in <br />accordance with the transactions contemplated by the Instruments. <br />Section 2. That the form and content of the Agreement are in all <br />respects authorized, approved and confirmed, and the County Manager or his <br />designee and the County Clerk are authorized. empowered and directed,to <br />execute and deliver the Agreement for and on behalf of the County, including <br />necessary counterparts, in substantially the form attached hereto, but with <br />such changes, modifications, additions or deletions therein as shall to them <br />and the County Attorney seem necessary, desirable or appropriate, their <br />execution thereof to constitute conclusive evidence of their approval of any <br />