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2 <br />presented for approval on August 19, 2008. The County will present the proposed financing to <br />the LGC for approval at its September 2, 2008 meeting. Closing of the financing should occur <br />within the following ten days. <br />FINANCIAL IMPACT: The financing will increase the debt of the County by an amount not to <br />exceed $9.3 million. Interest on the financing is estimated to be $4.033 million for a total of <br />$13.332 million in debt service. There will be no debt service payments in Fiscal Year 2008-09 <br />and therefore no impact on the Fiscal Year 2008-09 tax rate. It is estimated that the debt <br />service payments will require a tax increase of not more than .69 of one cent in Fiscal Year <br />2009-10. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the accompanying <br />findings resolution related to the financing. <br />