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F <br /> t <br /> 3 <br /> 4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose <br /> because funding of the debt service thus created is already planned in Orange County's long-term Capital <br /> Improvement Plan. <br /> 5. The County of Orange's debt management procedures and policies are good because the County's <br /> existing and planned debt falls well within North Carolina's legal debt limitations for local governments; <br /> furthermore,Orange County's excellent creditworthiness is well recognized by investors and well established <br /> by the principal municipal bond rating agencies with bond ratings of Aal (Moody's)and AA+(Standard and <br /> Poor's). <br /> 6. There will be no in ad valorem property taxes necessary to meet the sums to fall due under the <br /> proposed contract. Rent payments from tenants presently residing in the 501 West Franklin Street portion <br /> of the facility will offset a portion of the annual debt service payment with the balance of the debt retired <br /> through pay-as-you-go sales tax revenues. <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 will render an opinion that the proposed Project is <br /> authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and <br /> laws of North Carolina. <br /> NOW,THEREFORE,BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized to act <br /> on behalf of the County of Orange in filing an application with the North Carolina Local Government <br /> Commission for approval of these projects and the proposed financing contract and other actions not <br /> inconsistent with this resolution. <br /> This resolution is effective upon its adoption this the 14th day of May, 1996. <br /> The motion to adopt this resolution was made by Commissioner seconded by <br /> Commissioner , and passed by a vote of to <br /> Moses Carey,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 County Board <br /> of Commissioners on the 14th day of May, 1996. <br /> Beverly A. Blythe, Clerk to the Board Date <br />