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~ j ;,i ~ ,,r F!r U <br />provided the Project or any of it can be constructed within <br />the $1,154,300.00 capital budget established by Orange County <br />for the Project. A copy of the Revised Preliminary <br />Engineering Report is available at the office of the Orange <br />County Manager. <br />2. The necessity both in absolutie terms and in <br />"time-terms" is described above in the various "Whereas" <br />paragraphs of this Resolution. In addition, The Orange <br />County Board of Education has a limited amount of time to <br />correct the poorly functioning sewage package plant located <br />at its Efland-Cheeks Elementary School. This time <br />limitation, imposed by consent order with the North Carolina <br />Department of Environmental Management, can be met by the <br />prompt construction of the Project. <br />3. The following sources of funds are proposed <br />for the construction of the project: <br />FMHA grant $598,3D0.00 <br />FMHA loan 200,000.00 <br />N.C. Clean Water grant 170,000.00 <br />Orange County "loan" 136,000.00 <br />Orange Gounty grant 50,000.00 <br />$1,15 ,34 DO.D~ <br />The $200,000.00 FMHA loan is proposed to be repaid by <br />the sale of general obligation, net-debt reduction <br />bonds. This amount is the maximum and minimum FMHA loan <br />available for the Project under FMHA guidelines. <br />4. Orange County has made all debt service <br />payments on a timely basis as evidenced by its audit <br />reports for the years ending June 30, 1980-84. <br />5. According to Orange County's audit report <br />far the fiscal year ending June 30, 1984, its budgetary <br />and fiscal management policies have been carried out in <br />compliance with law. <br />6. No increase in the Orange County property <br />tax will be necessary to meet the increase in debt <br />service occasioned by the repayment of the bonds <br />proposed for the funding of the Project. <br />3 <br />