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WHEREAS, it appears that each of the Instruments is in appropriate form and is an appropriate <br /> instrument for the purposes intended; <br /> WHEREAS, the net sums to fall due under the Agreement will not exceed $400,000 in each year <br /> for 10 years and can be included in the County's budget; <br /> WHEREAS, it is reasonable to conclude that the payments under the Agreement are not excessive <br /> for the stated purpose and no increase in the property tax rate will be required to raise funds to fall due <br /> under the contract in each fiscal year during the term of the Agreement; <br /> WHEREAS, the County Attorney is of the opinion that this transaction is authorized by law and <br /> is a purpose for which public funds may be expended pursuant to the Constitution and laws of the State; <br /> WHEREAS, the County's budget process and Annual Budget Ordinance are in compliance with <br /> the Local Government Budget and Fiscal Control Act, and external auditors have determined that the <br /> County has conformed with generally accepted accounting principles in preparing its Annual Budget <br /> Ordinance; <br /> WHEREAS, past audit reports of the County indicate that its debt management and contract <br /> obligation payment policies have been carried out in strict compliance with the law, and the County has <br /> not been censured by the North Carolina Local Government Commission(the "LGC"), external auditors, <br /> or any other regulatory agencies in connection with such management; <br /> WHEREAS, the County is not in default in meeting any of its debt service or contract obligations; <br /> WHEREAS, the Board has previously approved the Agreement and the issuance of the Bonds by <br /> the Corporation after a public hearing thereon, but an increase in the principal amount of such Bonds has <br /> required a second public hearing thereon which was conducted this 4th day of April, 1994; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE <br /> COUNTY OF ORANGE, NORTH CAROLINA, AS FOLLOWS: <br /> Section 1. That all actions of the County in effectuating the Project are hereby approved, <br /> ratified and authorized pursuant to and in accordance with the transactions contemplated by the <br /> Instruments. <br /> Section 2. That the form and content of the Agreement are in all respects authorized, <br /> approved and confirmed, and the County Manager or his designee and the County Clerk are authorized, <br /> empowered and directed to execute and deliver the Agreement for and on behalf of the County, including <br /> necessary counterparts, in substantially the form attached hereto, but with such changes, modifications, <br /> additions or deletions therein as shall to them and the County Attorney seem necessary, desirable or <br /> appropriate, their execution thereof to constitute conclusive evidence of their approval of any and all such <br /> changes, modifications, additions or deletions, and that from and after the execution and delivery of the <br /> Agreement, the County Manager and the County Clerk or their respective designees are hereby <br /> authorized, empowered and directed to do all such acts and things and to execute all such documents as <br /> may be necessary to carry out and comply with the provisions of the Agreement as executed. <br /> mun34243\93cls.trs <br />