Orange County NC Website
Browse       Search
524 <br /> • e. Changes within the current year County budget to fund this <br /> acquisition could severely impact the delivery of much <br /> needed services in other areas. Adequate funding has been <br /> provided within the County's Capital Reserve fund to pay <br /> the installments required in the proposed contract. <br /> 3 . Not applicable. <br /> 4 . The sums to fall due under the contract are adequate and not <br /> excessive for the proposed purpose because <br /> a. The amount to be financed is not excessive when compared <br /> to the County's previous agreements. <br /> b. The term of the agreement is less than five years and the <br /> interest rate of 7% is very favorable. <br /> c. The funding for the sums which fall due are included in the <br /> County' s 5 year CIP and does not impact other operational <br /> areas. <br /> 5. The County of Orange's debt management procedures and policies <br /> are good because <br /> a. All applicable laws regarding incurrence of debt are <br /> • strictly followed. <br /> b. Reporting of all outstanding debt and disclosures involving <br /> debt are appropriately done within the County' s Financial <br /> Statements. <br /> c. The County has never defaulted on any of its debt service <br /> payments. <br /> d. Adequate appropriations are made annually for debt service <br /> payments. <br /> e. Incurrence of all debt is carefully planned and provided <br /> for in the County's 5 year CIP. <br /> 6. There will be no increase in property taxes required to meet <br /> the sums required under this proposed contract. <br /> 7. The County of Orange is not in default in any of its debt <br /> service obligations. <br /> 8 . The attorney for the County of Orange has rendered an opinion <br /> that the proposed project is authorized by law and is a <br /> purpose for which public funds may be expended pursuant to the <br /> Constitution and laws of North Carolina. <br /> • NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer <br /> is hereby authorized to act on behalf of the County of Orange in filing <br /> an application with the North Carolina Local Government Commission for <br />