RES-2006-071 Resolution for 2006 Financing Related to Carrboro High School

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i market rates with guidance from the LGC. The project is under construction pursuant to a construction budget previously evaluated by the Board. 4. As confirmed to the Board at this meeting by the County's Finance Officer, (a) the County's debt management procedures and policies are sound and in compliance with law, and (b) the County is not in default under any of its debt service obligations. 5. The County expects that any tax increase that may be attributable to the current proposed financing will be minimal and will.in any event be appropriate under all ' the circumstances, given the importance of the project. 6. The County Attorney is of the opinion that the proposed project is authorized by law and is a purpose for which public funds of the County may be expended pursuant to the Constitution and laws'of North Carolina. BE IT FURTHER RESOLVED by the Board, as follows: (a) The County's Finance Officer is authorized and directed to file an application with the LGC for its approval of the project and the proposed financing arrangements and to take all necessary and appropriate action related to the LGC approval process. (b) The Finance Officer is authorized and directed to solicit proposals from financial institutions to provide the financing contemplated by this resolution and to make a recommendation to the Board of the proposal that he determines to be in the County's overall best interests. (c) The County intends that the adoption of this resolution will be a declaration of the County's official intent to reimburse project expenditures from financing proceeds. The County intends that funds that have been advanced, or that may be advanced, from the County's general fund, or any other County fund, for project costs will be reimbursed from the financing proceeds. (d) A public hearing on this matter will be held at the Board's meeting of October 3, 2006. The Manager is authorized and directed to set the time of the hearing, and the Clerk to this Board is authorized and directed to publish a notice of such public hearing in the form and manner provided for by law. (e) This resolution takes effect immediately.