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5 <br /> bonds in a total amount not to exceed $2,846,000, as detailed above in <br /> order to implement the CIP and County policies. <br /> 2. Orange County has made all debt service payments on existing debt on a <br /> timely basis as evidenced by its audit report for the year ended June 30, <br /> 1999, and for the period since June 30, 1999 as confirmed by the County <br /> Finance Director. <br /> 3. According to Orange County's audit report for the year ended June 30, <br /> 1999, its budgetary and fiscal management policies have been carried out <br /> in compliance with all applicable laws, requirements and other guidelines. <br /> 4. In order to meet the increase in debt service occasioned by the repayment <br /> of the proposed bonds no tax increase is necessary. Debt service will be <br /> funded principally from sales tax and other revenues committed by the <br /> Orange County Board of Commissioners for that purpose. <br /> 5. The Orange County Finance Director shall prepare and submit an <br /> application to the North Carolina Local Government Commission for <br /> approval of the proposed bonds. <br /> 6. The Board of Commissioners shall hold a public hearing to receive <br /> comment on the propose bond issuance and the Clerk shall publish a notice <br /> of such hearing within the required time frames. <br /> 7. The County Manager is hereby authorized to employ Robert M. Jessup, Jr, <br /> of Chapel Hill, North Carolina, and Nexsen Pruet Jacobs & Pollard, LLP, <br /> of Columbia, South Carolina, to represent Orange County as bond counsel <br /> in the authorization and issuance of the proposed bonds. <br /> Upon motion duly made and seconded, the foregoing Resolution was adopted by <br /> the Board of Commissioners of Orange County, this the 16th day of November, 1999. <br /> Ayes: <br /> Noes: <br />