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3 <br /> 3. The cost of financing under the proposed contract could be greater than the cost of issuing general <br /> obligation bonds. However,this method of financing will increase the alternatives available to Orange <br /> County to obtain the most cost effective,timely,and flexible means possible of funding these necessary <br /> projects. Given Orange County's excellent credit standing,any differences in the comparable costs between <br /> bond financing and installment purchase financing will be reasonable. <br /> 4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose <br /> because funding of the debt service thus created is already planned in Orange County's long-term Capital <br /> Improvement Plan. <br /> 5. The County of Orange's debt management procedures and policies are good because the County's <br /> existing and planned debt falls well within North Carolina's legal debt limitations for local governments; <br /> furthermore,Orange County's excellent creditworthiness is well recognized by investors and well established <br /> by the principal municipal bond rating agencies with bond ratings of AaI (Moody's)and AA+(Standard and <br /> 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 future revenues <br /> derived through holding inmates for the Federal Marshal's office and pay-as-you-go sales tax revenues. <br /> 7. The County of Orange is not in default in any of is debt service obligations. <br /> 8. The Attorney for the County of Orange has rendered an opinion that the proposed Projects are <br /> authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and <br /> laws of North Carolina. <br /> NOW,THEREFORE,BE IT FURTHER RESOLVED that the Finance Officer is hereby authorized to act on <br /> behalf of the County of orange in filing an application with the North Carolina Local Government <br /> Commission for approval of these projects and the proposed financing contract and other actions not <br /> inconsistent with this resolution. <br /> This resolution is effective upon its adoption this the 2nd day of October, 1995. <br /> The motion to adopt this resolution was made by Commissioner ,seconded by <br /> Commissioner ,and passed by a vote of to <br /> Moses Carey,Chair <br /> ATTEST: <br /> Beverly A. Blythe,Clerk to the Board <br /> This is to certify that this is a true and accurate copy of this resolution adopted by the Orange County Board <br /> of Commissioners on the 2nd day of October, 1995. <br /> Beverly A. Blythe,Clerk to the Board Date <br />