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19 <br />1 <br />The County expects that in the current interest rate environment for municipal securities <br />2 <br />there would be no material difference in interest rates between general obligation bonds and <br />3 <br />installment financings for these projects. <br />4 <br />5 <br />(c)The estimated sums to fall due under the proposed financing contract are <br />6 <br />adequate and not excessive for the proposed purposes. The County will closely review <br />7 <br />proposed financing rates against market rates with guidance from the LGC and its financial <br />8 <br />adviser. All amounts financed will reflect approvedcontracts, previous actual expenditures or <br />9 <br />professional estimates. <br />10 <br />11 <br />(d)As confirmed by the County’s Interim Finance Officer, (i) the County’s debt <br />12 <br />management procedures and policies are sound and in compliance with law, and (ii) the County <br />13 <br />is not in default under any of its debt service obligations. <br />14 <br />15 <br />(e)The County estimates that the maximum tax rate impact of paying General Fund <br />16 <br />related debt service on the financing will be the equivalent of up to approximately 0.67 cents per <br />17 <br />$100 of valuation. Based on current resources and the retirement of some existing debt, no <br />18 <br />actual tax rate increase related to this financing will be necessary. <br />19 <br />20 <br />(f)The County Attorney is of the opinion that the proposed projects are authorized <br />21 <br />by law and are for purposes for which public funds of the County may be expended pursuant to <br />22 <br />the Constitution and laws of North Carolina. <br />23 <br />24 <br />as follows: <br />BE IT FURTHER RESOLVED <br />25 <br />26 <br />(a)The Interim Finance Officer is directed to take all appropriate steps toward the <br />27 <br />completion of the financing, including (i) completing an application to the LGC for its approval of <br />28 <br />the proposed financing, and (ii) soliciting one or more proposals from financial institutions to <br />29 <br />provide the financing. All prior actions of County representatives in this regard areratified. <br />30 <br />31 <br />(b)This resolution takes effect immediately. <br />32 <br />33 <br />34 <br />Exhibit A –proposed projects <br />35 <br />Project descriptionEst. Amount Financed <br />Vehicle replacements$760,000 <br />In-car camera replacements for Sheriff’s office$520,000 <br />Board of Elections equipment$700,000 <br />Improvements to Cedar Grove Community Center$2,800,000 <br />Southern Orange Campus —planning and improvements$400,000 <br /> <br />