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of funding the Project. Given Orange County's excellent credit standing, any differences in the <br /> 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 <br /> proposed purpose because funding of the debt service thus created is already planned in Orange <br /> County's long-term Capital Improvement Plan. <br /> 5. The County of Orange's debt management procedures and policies are good because <br /> the County's existing and planned debt falls well within North Carolina's legal debt limitations for <br /> local 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 <br /> of Aa1 (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 <br /> fall due under the proposed contract. Rent payments from tenants presently residing in the 501 <br /> West Franklin Street portion of the Project will offset a portion of the annual debt service <br /> payment, with the balance of the debt retired through pay-as-you-go revenue. <br /> 7. The County of Orange is not in default in any of its debt service obligations. <br /> 8. That it is the opinion of the Orange County Attorney that the purchase of the Project <br /> by Orange County with public funds is authorized by the laws and Constitution of North Carolina <br /> and that the Orange County Attorney will render his written opinion to that effect <br /> contemporaneous with the closing of the purchase of the Project. <br /> NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer is hereby <br /> authorized to act on behalf of the County of Orange in filing an application with the North <br /> Carolina Local Government Commission for approval of the Project and the proposed financing <br /> contract and other actions not 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 Halkiotis , seconded by <br /> Commissioner Gordon , and passed by a vote of 4 to 0 <br /> oses Carey, Chair <br /> ATI'ES <br /> Beverly A. B he, Clerk to threBoard <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 14th day of May, 1996. <br /> everly A. the, Clerk to t e Board Date <br /> [COUNTY SEAL] <br /> 2.2a 1eases\503frank\res12fin.wpd <br />