Minutes 04-07-2015 - Laserfiche WebLink

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