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9 9 <br /> 4 <br /> NORTH CAROLINA ORANGE COUNTY BOARD OF <br /> ORANGE COUNTY COMMISSIONERS RESOLUTION <br /> WHEREAS growth in Orange County has been, and is predicted to continue to be <br /> significant; and <br /> WHEREAS with the growth there has been and continues to be an ever-increasing <br /> demand for County services; and <br /> WHEREAS County facilities are inadequate to provide the space necessary to deliver <br /> the demanded County services or to provide certain opportunities to <br /> County citizens; and <br /> WHEREAS the Orange County Commissioners have initiated, reviewed and received <br /> public comment on a ten-year Capital Improvement Plan (hereinafter <br /> referred to as CIP) in order to address the facilities needs of the County; and <br /> WHEREAS it is impractical to fund the facilities construction and improvements <br /> necessary to implement the CIP and County policies with "pay as you go" <br /> revenues generated.wholly from the current property taxes, current sales <br /> taxes, and other current revenue; and <br /> WHEREAS the Board of Commissioners proposes funding for certain major projects <br /> in the implementation of the CIP and County policies with the proceeds of <br /> two-thirds net debt reduction general obligation bonds, voter-approved <br /> bonds and with proceeds of current property taxes, current sales taxes, <br /> impact fees and other current revenue; and <br /> WHEREAS projects are proposed in the CIP to be implemented with proceeds of two- <br /> thirds net debt reduction general obligation bonds totaling $2,846,000 for <br /> renovations and improvements to the Whiffed Human Services Center and <br /> the Northern Human Services Center and, <br /> WHEREAS project cost estimates based upon assessments and evaluations made by <br /> Staff including the County Engineer, Public Works Director and others as <br /> well as review of financing options and repayment ability evaluated by the <br /> Finance Director supports the conclusion that, in combination with other <br /> designated County capital funds, the amount of bonds proposed are <br /> adequate and not excessive for the intended purposes, and <br /> WHEREAS it is the intent of the Orange County Board of Commissioners to seek <br /> approval of the Local Government Commission for the County to issue <br /> two-thirds net debt reduction bonds <br /> IT IS RESOLVED THAT: <br /> 1. Orange County intends to seek approval of the Local Government <br /> Commission for Orange County to issue two-thirds net debt reduction <br />