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6 <br /> interest rate advantage to proceeding with a general obligation bond issue. In addition,, <br /> using installment financing for this project will allow the County to better match the <br /> timing of the financing to the timing of the project, and to take advantage of current <br /> g <br /> favorable conditions in the construction market. <br /> (3) The estimated sums to fall due under the proposed financing contract will <br /> be adequate and not excessive for the proposed purpose. All amounts to be financed will <br /> reflect contract prices or well--developed estimates acceptable to the County and the LGC. <br /> The County will closely review debt service levels with the LGC. <br /> (4) As confirmed to the Board at this meeting the County's Finance Officer, <br /> g y ty <br /> (a) the County's debt management procedures and policies are sound and in compliance <br /> with law, and(b)the County is not in default under any of its debt service obligations. <br /> (5) The County estimates that this financing will have a maximum tax rate <br /> impact of less than 1 cent per $100 of assessed valuation, although this does not <br /> necessarily mean that County taxes will be increased as a result of this financing. The <br /> County will continue to work to minimize the tax impact of the contemplated financing, <br /> g <br /> in a manner consistent with other County needs. The County believes that given the need <br /> for the projects and the availability of QSCB financing, such a tax rate impact is <br /> reasonable under all the circumstances. <br /> (6) The County Attorney is of the opinion that the proposed project is <br /> - p roJ <br /> authorized by law and is a purpose for which public funds of the County may be <br /> Y . <br /> expended pursuant to the Constitution and laws of North Carolina. <br /> (7) The Board currently stimates thai the maximum amount to be financed for <br /> "'= <br /> Y o <br /> this project will be $9,899,440. This amount is an estimate; the final amount to be <br /> financed may be somewhat higher or lower than the estimate to match the final amounts <br /> allocated to the County by the State Department of Public Instruction for the issuance of <br /> QSCBs. <br /> RE IT FURTHER RESOLVED, as follows: <br /> (a) The Finance Officer is authorized and directed to take all appropriate ste <br /> s p <br /> toward the completion of the financing, including completing an application to the LGC <br /> for its approval of the proposed financing. All actions of the County's Finance Officer <br /> and other County representatives in furtherance of the completion of the contemplated <br /> financing are ratified, approved and confirmed. <br /> (b) The County intends that the adoption of this resolution will be a declaration <br /> of the County's official intent to reimburse project expenditures from financing proceeds. <br /> The County intends that funds that have been advanced for project costs, or which may <br /> be so advanced, from the County's general fund, or any other County fund, may be <br /> reimbursed from the financing proceeds. <br />