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14 <br /> 1 The County expects that in the current interest rate environment for municipal securities <br /> 2 there would be no material difference in interest rates between general obligation bonds and <br /> 3 installment financings for these projects. <br /> 4 <br /> 5 (c) The estimated sums to fall due under the proposed financing contract are <br /> 6 adequate and not excessive for the proposed purpose. The County will closely review proposed <br /> 7 financing rates against market rates with guidance from the LGC and its financial adviser. All <br /> 8 amounts financed will reflect either approved contracts, previous actual expenditures or <br /> 9 professional estimates. <br /> 10 <br /> 11 (d) As confirmed by the County's Finance Officer, (i) the County's debt management <br /> 12 procedures and policies are sound and in compliance with law, and (ii) the County is not in <br /> 13 default under any of its debt service obligations. <br /> 14 <br /> 15 (e) The County estimates that the maximum tax rate impact of paying debt service <br /> 16 on the financing will be the equivalent of up to approximately 0.04 cents per $100 of valuation. <br /> 17 Given this low amount and based on the estimated interest rates to be payable and the <br /> 18 proposed financing term, the County expects to be able to repay the financing within current <br /> 19 resources, and no actual tax rate increase related to this financing will be necessary. <br /> 20 <br /> 21 (f) The County Attorney is of the opinion that the proposed project is authorized by <br /> 22 law and is a purpose for which public funds of the County may be expended pursuant to the <br /> 23 Constitution and laws of North Carolina. <br /> 24 <br /> 25 BE IT FURTHER RESOLVED as follows: <br /> 26 <br /> 27 (a) The County intends that the adoption of this resolution will be a declaration of the <br /> 28 County's official intent to reimburse project expenditures from financing proceeds. The County <br /> 29 intends that funds that have been advanced for project costs, or which may be so advanced, <br /> 30 from the County's general fund, or any other County fund, may be reimbursed from the <br /> 31 financing proceeds. <br /> 32 <br /> 33 (b) This resolution takes effect immediately. <br /> 34 <br /> 35 <br />