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The County expects that in the current interest rate environment for municipal <br /> securities there would be no material difference in interest rates between general <br /> obligation bonds and installment financings for these projects. <br /> (c) The estimated sums to fall due under the proposed financing contract are <br /> adequate and not excessive for the proposed purpose. The County will closely review <br /> proposed financing rates against market rates with guidance from the LGC and its <br /> financial adviser. All amounts financed will reflect either approved contracts, previous <br /> actual expenditures or professional estimates. <br /> (d) As confirmed by the County's Finance Officer, (i) the County's debt <br /> management procedures and policies are sound and in compliance with law, and (ii) the <br /> County is not in default under any of its debt service obligations. <br /> (e) The County estimates that the maximum tax rate impact of paying debt <br /> service on the financing will be the equivalent of up to approximately 0.04 cents per $100 <br /> of valuation. Given this low amount and based on the estimated interest rates to be <br /> payable and the proposed financing term, the County expects to be able to repay the <br /> financing within current resources, and no actual tax rate increase related to this financing <br /> will be necessary. <br /> (f) The County Attorney is of the opinion that the proposed project is <br /> authorized by law and is a purpose for which public funds of the County may be <br /> expended pursuant to the Constitution and laws of North Carolina. <br /> BE IT FURTHER RESOLVED as follows: <br /> (a) The County intends that the adoption of this resolution will be a declaration <br /> of the County's official intent to reimburse project expenditures from financing proceeds. <br /> The County intends that funds that have been advanced for project costs, or which may <br /> be so advanced, from the County's general fund, or any other County fund, may be <br /> reimbursed from the financing proceeds. <br /> (b) This resolution takes effect immediately. <br />