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• S <br /> 3 <br /> 4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose <br /> because funding of the debt service thus created is already planned in Orange County's long-term Capital <br /> Improvement Plan. <br /> 5. The County of Orange's debt management procedures and policies are good because the County's <br /> existing and planned debt falls well within North Carolina's legal debt limitations for local governments; <br /> furthermore, Orange County's excellent creditworthiness is well recognized by investors and well <br /> established by the principal municipal bond rating agencies with bond ratings of Aal (Moody's) and AA+ <br /> (Standard & Poor's). <br /> 6. There will be no increase in ad valorem property taxes necessary to meet the sums to fall due <br /> under the proposed contract. Payments due under the proposed contract will be financed by school impact <br /> fees accrued and pay-as-you-go sales tax revenues. <br /> 7. The County of Orange is not in default in any of its debt service obligations. <br /> 8. The Attorney for the County of Orange has rendered an opinion that the proposed Project is <br /> authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution <br /> and laws of North Carolina. <br /> NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized to act on <br /> behalf of the County of Orange in filing an application with the North Carolina Local Government <br /> Commission for approval of this Project and the proposed financing contract and other actions not <br /> inconsistent with this resolution. <br /> This resolution is effective upon its adoption this 15th day of October, 1996. <br /> VOTE: UNANIMOUS <br /> B. RESOLUTION AUTHORIZING REQUEST FOR PROPOSALS FOR BOND COUNSEL <br /> A motion was made by Commissioner Gordon, seconded by Commissioner Willhoit to adopt the <br /> resolution as stated below which authorizes the County staff and the County Attorney to solicit proposals for <br /> a new County bond counsel. <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION AUTHORIZING REQUEST FOR PROPOSALS FOR BOND COUNSEL <br /> WHEREAS, Orange County will require the legal services of bond counsel to review documentation relating <br /> to the County's planned private placement financing of the new Southern Village Elementary School, and <br /> WHEREAS, Mr. Gundars Aperans is leaving employment with Brown &Wood, having rendered excellent <br /> legal representation over the years while serving in the capacity of Orange County's bond counsel, and <br /> WHEREAS, it is impractical for Mr. Aperans to serve as bond counsel for the Southern Village Elementary <br /> School project financing due to the timing of the need for those services, and <br /> WHEREAS, there are a number of law firms in the State of North Carolina likely to be capable of, and <br /> interested in, providing representation to Orange County as bond counsel, <br /> NOW, THEREFORE BE IT RESOLVED, THAT the Orange County Board of Commissioners do hereby <br /> authorize the County Manager, County staff and County Attorney to prepare and distribute a Request for <br /> Proposals to various law firms in the State of North Carolina to ascertain their qualifications for, and interest <br /> in, providing representation to the County as bond counsel for the Southern Village Elementary School <br /> project financing, and <br /> BE IT FURTHER RESOLVED THAT the County Manager is directed to present a recommendation on <br /> selection of County bond counsel consistent with the timetable necessary to facilitate the Southern Village <br /> Elementary project financing according to the approved Capital Improvements Plan. <br /> VOTE: UNANIMOUS <br />