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and (b) the County is not in default under any of its debt service obligations. <br /> 5. There will be no increases in taxes necessary to meet debt obligations under <br /> the proposed financing arrangements. The County expects that interest rates to be payable <br /> by the County on the proposed financing, and the expected term of the financing, will <br /> allow the County to 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 ftinds of the County may be expended pursuant <br /> to the Constitution and laws of North Carolina. <br /> BE IT FURTHER RESOLVED that the Finance Officer and all other County <br /> officers and employees are authorized and directed to proceed with the installment <br /> financing contemplated by this resolution and as described to the Board, and to take all <br /> such further action as they may consider necessary or desirable in that connection. <br /> BE IT FURTHER RESOLVED that the Finance Officer is specifically authorized <br /> and directed to provide for the filing of an application to the LGC for its required <br /> approval of the project and the proposed financing arrangements. <br /> BE IT FURTHER RESOLVED that the Clerk to this Board is authorized and <br /> directed to provide for the publication of a notice of public hearing on the proposed <br /> financing, in the form and manner prescribed by statute, with the hearing to be held at the <br /> Board's meeting on June 29, 2444. <br /> BE IT FURTHER RESOLVED that this Board's determination to proceed with <br /> an installment financing shall be subject to the Board's further consideration in light of <br /> any public comment received at the public hearing. <br />