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BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br />following findings of fact: <br />(1) The proposed projects are necessary and appropriate for the County under <br />all the circumstances. <br />The County has worked with Chapel Hill - Carrboro School Board to develop a <br />plan for financing school facilities, of which the currently-proposed elementary school is <br />apart. The ambulances and convenience center improvements will improve services to <br />County residents. <br />(2) The proposed installment financing is preferable to a bond issue for the <br />same purposes. <br />As the elementary school will be a discrete facility, it is particularly suitable for <br />installment financing. The amounts to be financed for other County projects are <br />relatively small, and it will be cost-effective for the County to combine that financing <br />with the larger school financing. As the financings that are proposed to be refinanced are <br />all installment financings, it is most appropriate to carry out the refinancing as an <br />installment financing. <br />The County has no meaningful ability to issue non-voted general obligation bonds <br />for this project, and the County has no previously-authorized bonds for these projects. <br />The projects will produce no revenues that could support aself-liquidating financing. The <br />County expects that in the current interest rate environment for municipal securities that <br />there will be no substantial difference in interest rates between general obligation bonds <br />and installment financings for this project. <br />The County maintains a balance in school construction financing between voter- <br />approved bonds, pay-as-you-go funding and installment financing, and the Board <br />believes that under the circumstances installment financing is the preferable vehicle for <br />Elementary # 11. <br />(3) The estimated sums to fall due under the proposed financing contract are <br />adequate and not excessive for the proposed purpose. The County will closely review <br />proposed financing rates against market rates with guidance from the LGC. All amounts <br />financed will reflect either approved contracts or previous actual expenditures. <br />(4) As confirmed by the County's Finance Officer, (i) the County's debt <br />management procedures and policies are sound and in compliance with law, and (ii) the <br />County is not in default under any of its debt service obligations. <br />(5) The County estimates that the maximum tax rate impact of paying debt <br />service on the financing for the new elementary school will be the equivalent of <br />