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The acq~isition of easements or other property interests for conservation purposes will <br />enhance the natural environrr~nt and quality of life of the Count~s residents. <br />2. The proposed installrr~nt 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 a self-liquidating financing. The County has chosen to finance <br />these particular proj ects byinstallment 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 <br />financing. <br />3. The estima.ted sums to fall due under the proposed financing contract are adequate and <br />not excessive for the proposedpurpose. The County has obtained comperitive 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 Countyis not in default under anyof its debt service obligations. <br />5. The proposed prQjects described above are part of a larger County capital <br />improvements program. This program includes some $75,000,000 of Countygeneral <br />obligation bonds and a varietyof other financing. Although the Countyexpects that <br />there may be tax increases associated with the overall program, any tax increase <br />attributable to the current proposed financing will be minima.l. The County bases this <br />expectation on its 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 t~ie actions of the County's Finance <br />Officer in filing an application with the LGC for its approval of the project and the <br />proposed financing arrangerr~nts are authorized, ratified and approved, and that this <br />resolution takes effect imnediately. <br />1TVN02 11 19 02 <br />