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4. The County requests that the LGC approve the County's application <br />for such financing. The Board makes the following findings of fact in support of its <br />application for approval and its determination to proceed with this financing: <br />(a) The proposed projects are appropriate for the County under all the <br />circumstances. These projects have been considered by the Board on multiple <br />occasions as pant of the Board's capital investment planning process. <br />(b) The proposed installment financing is preferable to a bond issue for <br />the same purpose. It is appropriate for the County to balance its capital finance <br />program between bonds and instalhent financing, and the County has already <br />applied some general obligation bond funds and other resources to these projects, <br />especially including the school projects. <br />(c) The estimated sums to fall due under the proposed financing contract <br />are adequate and not excessive for the proposed purpose. The SunTrust proposal <br />provides not only competitive interest rate and prepayment terms but also lower <br />than expected transaction costs. <br />(d) As confirmed to the Board at this meeting by the County's Finance <br />Officer, (i) the County's debt management procedures and policies are sound and <br />in compliance with law, and (ii) the County is not in default under any of its debt <br />service obligations. <br />(e) The County expects that the amounts required to repay the amounts <br />financed for the projects will require the equivalent of a real property tax increase <br />of approximately cents. Such an increase is appropriate under all the <br />circumstances, given the need for the projects. <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 />5. The County intends that the adoption of this resolution will be a <br />declaration of the County's official intent to reimburse project expenditures from <br />financing proceeds. The County intends that funds that have been advanced, or <br />that may be advanced, from the County's general fund, or any other County fund, <br />for project costs will be reimbursed from the financing proceeds. <br />