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4 <br /> (3) The estimated sums to fall due under the proposed financing contract will <br /> be adequate and not excessive for the proposed purpose. The County will closely review <br /> proposed financing rates and debt service levels with the LGC. <br /> (4) As confirmed to the Board at this meeting by the County's Finance Officer, <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 the equipment financing will have no material <br /> effect on the County's tax rate. The refinancing will reduce the County's total debt <br /> service obligations. The County believes that the tax rate impacts of the financing and <br /> refinancing are reasonable under all the circumstances. <br /> (6) 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 /> (7) The Board estimates that the maximum amount to be financed for the <br /> equipment project will be $2,000,000. This amount is an estimate; the final amount to be <br /> financed may be somewhat higher or lower than the estimate. The Board estimates that <br /> the maximum amount to be financed to carry out the proposed refinancings will be <br /> $101,600,000, although the actual amount of financing is likely to be lower. The County <br /> may use financing proceeds to pay necessary or incidental costs of carrying out the <br /> financing. <br /> BE IT FURTHER RESOLVED, that the Finance Officer is authorized and <br /> directed to take all appropriate steps toward the completion of the financing, including <br /> completing an application to the LGC for its approval of the proposed financing; that all <br /> actions of the County's Finance Officer and other County representatives in furtherance <br /> of the completion of the contemplated financing are ratified, approved and confirmed; <br /> and that this resolution takes effect immediately. <br /> I certify that the foregoing resolution was duly adopted at a meeting of the Board <br /> of Commissioners of Orange County, North Carolina, duly called and held on October <br /> 19, 2010, and that a quorum was present and acting throughout such meeting. Such <br /> resolution remains in full effect as of today. <br /> Dated this day of October, 2010. <br /> [SEAL] <br /> Clerk,Board of Commissioners <br /> Orange County, North Carolina <br />