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4. As previously reported to the Board by the Finance Officer, (a) the County's <br />debt management procedures and policies are sound and in compliance with law, and (b) <br />the County is not in default under any of its debt service obligations. <br />5. The County expects that there will be no increases in taxes necessary to meet <br />debt obligations under the proposed financing arrangements. The County expects that <br />given the amount to be financed, the interest rates to be payable by the County on the <br />proposed financing and the expected term of the financing, the County will be able to <br />repay the financing within current resources. <br />6. The County Attorney is of the opinion that the proposed project is authorized <br />by law and is a purpose for which public funds of the County may be expended pursuant <br />to the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED that all actions of the Finance Officer in filing an <br />application with the LGC for its required approval of the project and the proposed <br />financing arrangements are authorized, ratified and approved. <br />BEIT FURTHER RESOLVED as follows: <br />(a) If the County determines it is in its best interest to purchase the property, it <br />will finance the Project through Branch Banking and Trust Company (the "Bank") in <br />accordance with a proposal submitted by the Bank. The amount financed shall not exceed <br />$500,000, the annual interest rate (in the absence of default or a loss of tax-exempt status) <br />shall not exceed 6.58%, and the financing term shall not exceed ten years from closing. <br />(b) All financing contracts and all related documents for the closing of the <br />financing (the "Financing Documents") shall be in such forms as the Bank may request <br />and as are acceptable to the Finance Officer. The County Manager, the Finance Officer <br />and all other County officers and employees are authorized and directed to execute and <br />deliver any Financing Documents, and to take all such further action as they may consider <br />necessary or desirable, to carry out the financing as contemplated by this resolution. <br />(c) All prior actions of County officers in furtherance of the purposes of this <br />resolution are ratified, approved and confirmed. All other resolutions (or parts thereo~ in <br />conflict with this resolution are repealed, to the extent of the conflict. This resolution <br />shall take effect immediately. <br />