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3. The cost of financing under the proposed contract could be greater than the cost of issuing <br />general obligation bonds. However, this method of financing will increase the alternatives available to Orange <br />County to obtain the most cost effective, timely, and flexible means possible of funding the Project. Given <br />Orange county's excellent credit standing, any differences in the comparable costs between bond financing <br />and installment purchase financing will be reasonable. <br />4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose <br />because funding of the debt service thus created is already planned in Orange County's long-term Capital <br />Improvement Plan. <br />5. The County of Orange's debt management procedures and policies are good because the <br />County's existing and planned debt falls well within North Carolina's legal debt limitations for local <br />governments; furthermore, Orange County's excellent creditworthiness is well recognized by investors and well <br />established by the principal municipal bond rating agencies with bond ratings of Aa1 (Moody's) and AA+ <br />(Standard and Poor's). <br />6. There will be no increase in ad valorem property taxes necessary to meet the sums to fall due <br />under the proposed contract. Rent payments from tenants presently residing in the 501 West Franklin Street <br />portion of the Project will offset a portion of the annual debt service payment, with the balance of the debt <br />retired through pay-as-you-go revenue. <br />7. The County of Orange is not in default in any of its debt service obligations. <br />8. That it is the opinion of the Orange County Attorney that the purchase of the Project by Orange <br />County with public funds is authorized by the laws and Constitution of North Carolina and that the Orange <br />County Attorney will render his written opinion to that effect contemporaneous with the closing of the purchase <br />of the Project. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized to act on <br />behalf of the County of Orange in filing an application with the North Carolina Local Government Commission <br />for approval of the Project and the proposed financing contract and other actions not inconsistent with this <br />resolution. <br />This resolution is effective upon its adoption this the 14th day of May, 1996. <br />Commissioner Gordon asked about the programs to be offered at the center, the allocation of space, <br />and the management of the facilities. She also stated that the emphasis for this facility should be on offering <br />new training and other services to Orange County citizens rather than on relocating offices for existing services <br />to this site. Commissioner Gordon wanted to make sure that there is a plan in place for the programs and <br />facilities which are to be offered at the Skill Development Center. The staff is to prepare a detailed plan for <br />Commissioner approval. <br />VOTE: UNANIMOUS <br />VI. SPECIAL PRESENTATIONS <br />VII. PUBLIC HEARINGS <br />A. ECONOMIC DEVELOPMENT STRATEGIC PLAN <br />The Board presented for public comment the updated Economic Development Strategic Plan. <br />No comments were received. A motion was made by Commissioner Gordon, seconded by <br />Commissioner Crowther to close the public hearing. <br />VOTE: UNANIMOUS <br />A motion was made by Commissioner Gordon, seconded by Commissioner Halkiotis to adopt <br />the updated Economic Development Strategic Plan as presented in the agenda, including the suggestions <br />previously presented. County staff will prepare an implementation timeline and budget for the Board's <br />consideration at a later date. <br />VOTE: UNANIMOUS