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12 <br />(b) The proposed installment financing is preferable to a bond issue for the <br />same purposes. <br />The County has no meaningful ability to issue non -voted general obligation bonds <br />for these projects. These projects will not produce sufficient revenues to support a self - <br />liquidating financing. The County has in the past issued substantial amounts of voter - <br />approved bonds, and it is appropriate for the County to balance its capital finance <br />program between bonds and installment financings. <br />The County expects that in the current interest rate environment for municipal <br />securities there would be no material difference in interest rates between general <br />obligation bonds and installment financings for these projects. <br />(c) The estimated sums to fall due under the proposed financing contract are <br />adequate and not excessive for the proposed purposes. The County will closely review <br />proposed financing rates against market rates with guidance from the LGC and its <br />financial adviser. All amounts financed will reflect either approved contracts, previous <br />actual expenditures or professional estimates. <br />(d) As confirmed by the County's Interim Finance Officer, (1) the County's <br />debt management procedures and policies are sound and in compliance with law, and (ii) <br />the County is not in default under any of its debt service obligations. <br />(e) The County estimates that the maximum tax rate impact of paying General <br />Fund related debt service on the financing will be the equivalent of up to approximately <br />0.67 cents per $100 of valuation. Based on current resources and the retirement of some <br />existing debt, no actual tax rate increase related to this financing will be necessary. <br />(f) The County Attorney is of the opinion that the proposed projects are <br />authorized by law and are for purposes for which public funds of the County may be <br />expended pursuant to the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED as follows: <br />(a) The Interim Finance Officer is directed to take all appropriate steps toward <br />the completion of the financing, including (i) completing an application to the LGC for <br />its approval of the proposed financing, and (ii) soliciting one or more proposals from <br />financial institutions to provide the financing. All prior actions of County representatives <br />in this regard are regard are ratified. <br />(b) This resolution takes effect immediately. <br />