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4 <br /> 5. The County of Orange's debt management procedures and policies are good because the <br /> County's existing and planned debt falls well within North Carolina's legal debt limitations for local <br /> governments;furthermore,Orange County's excellent creditworthiness is well recognized by investors <br /> and well established by the principal municipal bond rating agencies with bond ratings of Aal(Moody's) <br /> and AA+(Standard&Poor's). <br /> 6. There will be no increase in ad valorem property taxes necessary to meet the sums to fall due <br /> under the proposed contract. Payments due under the proposed contract will be financed by school <br /> impact fees accrued and pay-as-you-go sales tax revenues. <br /> 7. The County of Orange is not in default in any of its debt service obligations. <br /> 8. The Attorney for the County of Orange has rendered 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 <br /> and laws of North Carolina. <br /> NOW,THEREFORE,BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized to <br /> act on behalf of the County of Orange in filing an application with the North Carolina Local Government <br /> Commission for approval of this Project and the proposed financing contract and other actions not <br /> inconsistent with this resolution. <br /> This resolution is effective upon its adoption this 15th day of October, 1996. <br /> The motion to adopt this resolution was made by Commissioner Gordon seconded by Commissioner Willhoit <br /> , and passed by a vote of 4 to 0 . <br /> ATTEST- <br /> Beverly A. BI he, Clerk to the B and <br /> This is to certify that this is a true and accurate copy of this resolution adopted by the Orange County <br /> Board of Commissioners on the 15th day of October, 1996. <br /> Beverly a Blyt e,Clerk to the oard Date <br />