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The County's undertaking of the financing was the subject of a public hearing <br />held earlier today on November 19, 2002. <br />Under the guidelines of the North Carolina Local Government Commission (the <br />"LGC"), this governing body must make certain findings of fact to support the County's <br />application for the LGC's approval of the County's proposed financing arrangements for <br />the projects. <br />1VOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />Orange County, North Carolina, makes the following findings of fact: <br />1. The proposed projects are necessary and appropriate far the County <br />under all the circumstances. The projects as a whole have been approved as part of the <br />County's long-term capital improvements program. The proposed renovations and <br />improvements to Orange High School and the County building used by Orange <br />Enterprises are appropriate to prolong the lives and enhance the levels of service <br />provided by those buildings. The County land acquisition is appropriate as part of the <br />County's long-term plan to bring additional community college services to the County. <br />The acquisition of easements ar other property interests for conservation purposes will <br />enhance the natural environment and quality of life of the County's residents. <br />2. The proposed installment financing is preferable to a bond issue for the <br />same purpose. The County has no meaningful ability to issue non-voted general <br />obligation bonds for these projects, and these projects will produce no revenues that <br />could be used to support aself-liquidating financing. The County has chosen to finance <br />these particular projects by installment financing in connection with proposing other <br />projects for financing by general obligation bond issues, and it is appropriate for the <br />County to balance its capital finance program between bonds and installment financing. <br />3. The estimated sums to fall due under the proposed financing contract are adequate and <br />not excessive for the proposed purpose. The County has obtained competitive lending <br />proposals, and will closely review proposed lending rates against market rates with <br />guidance from the LGC. <br />4. As confirmed to the Board at this meeting by the County's Finance Officer, (a} the <br />County's debt management procedures and policies are sound and in compliance with <br />law, and (b) the County is not in default under any of its debt service obligations. <br />5. The proposed projects described above are part of a larger County capital improvements <br />program. This program includes some $75,000,000 of County general obligation bonds <br />and a variety of other financing. Although the County expects that there may be tax <br />increases associated with the overall program, any tax increase attributable to the <br />current proposed financing will be minimal. The County bases this expectation on its <br />expected interest rates and term for the current proposed financing. <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 />BE IT FURTHER RESOLVED that the actions of the County's Finance Officer in <br />