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Project and certain related property as security for the County's <br /> obligation to repay the funds advanced to it pursuant to the <br /> Installment Purchase Contract; now, therefore, <br /> BE IT RESOLVED by the Board of Commissioners for the County of <br /> orange <br /> Section 1. The Board of Commissioners for the County of <br /> Orange, North Carolina (the "Board of Commissioners") hereby finds <br /> and determines in connection with the proposed installment Purchase <br /> Contract that (a) the proposed Installment Purchase Contract is <br /> necessary or expedient for the County, (b) the proposed Installment <br /> Purchase Contract, under current circumstances, is preferable to a <br /> bond issue of the County for financing the acquisition, <br /> construction and equipping of the Project, (c) the sums to fall due <br /> under the proposed Installment Purchase Contract are adequate and <br /> not excessive for its proposed purpose, (d) the County's debt <br /> management procedures and policies are good and its debt will <br /> continue to be managed in strict compliance with law, (e) although <br /> the taxing power of the. County is not and may not be pledged <br /> directly or indirectly to secure any sums to fall due under the <br /> proposed Installment. Purchase Contract, the proceeds of taxes might <br /> be used to meet the sums to fall due under the proposed Installment <br /> Purchase Contract and any increase in taxes necessary to meet such <br /> sums will not be excessive and (f) the County is not in default <br /> regarding any of its debt service obligations. <br /> Section 2-. ' The Hoard of Commissioners hereby further finds <br /> and determines that it is in the beat interest of the County to <br /> 356160.1 <br />