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-t <br /> funding this necessary project. Given Orange County's excellent credit standing, any differences in <br /> the comparable costs between bond financing and installment purchase financing will be reasonable. <br /> 4. The sums to fall due under the contract are adequate and not excessive for the proposed <br /> purpose because funding of the debt service thus created is already planned in Orange County's <br /> long-term Capital Improvement Plan. <br /> 5. The County of Orange's debt management procedures and policies are good because the <br /> County's existing and planned debt falls well within North Carolina's legal debt limitations for local <br /> governments; furthermore, Orange County's excellent creditworthiness is well recognized by <br /> investors and well established by the principal municipal bond rating agencies with bond ratings of <br /> Aal (Moody's)and AA+(Standard and Poor's). <br /> 6. There will be no increase in ad valorem property taxes necessary to meet the sums to fall <br /> due under the proposed contract. Debt will be retired through pay-as-you-go sales tax revenues <br /> already identified in the County's CIP. <br /> 7. The County of Orange is not in default in any of is debt service obligations. <br /> 8. The Attorney for the County of Orange has rendered an opinion that the proposed <br /> Projects are authorized by law and is a purpose for which public funds may be expended pursuant to <br /> the Constitution and laws of North Carolina. <br /> NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized <br /> to act on behalf of the County of Orange in filing an application with the North Carolina Local <br /> Government Commission for approval of these projects and the proposed financing contract and <br /> other actions not inconsistent with this resolution. <br /> This resolution is effective upon its adoption this the 19th day of November, 1997. <br /> The motion to adopt this resolution was made by Commissioner , seconded by <br /> Commissioner ,and passed by a vote of to <br /> William L. Crowther,Chair <br /> ATTEST: <br /> Beverly A. Blythe, Clerk to the Board <br /> This is to certify that this is a true and accurate copy of this resolution adopted by the Orange <br /> County Board of Commissioners on the 19th day of November, 1997. <br /> Beverly A. Blythe, Clerk to the Board Date <br />