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5 <br /> 2. The Board makes the following findings of fact in support of its <br /> determination: <br /> (a) The proposed capital projects are necessary and expedient for the <br /> County. <br /> (b) The amount of bonds proposed is adequate and not excessive for the <br /> proposed purpose. Although capital needs for the stated purposes may exceed the <br /> amount of bonds proposed, the Board finds that this level of bond funding is <br /> appropriate considering the County's resources and other needs. <br /> (c) The County's debt management and budgetary and fiscal <br /> management policies have been carried out consistently in accordance with the <br /> law. <br /> (d) The Board expects a potential annual tax rate equivalent impact to <br /> the County related to paying debt service on the bonds of approximately <br /> cents per $100 of assessed valuation. <br /> 3. (a) The Finance Officer is authorized and directed to proceed with the <br /> proper steps toward the authorization of the referendum, including proceeding with an <br /> application to the North Carolina Local Government Commission (the "LGC") for its <br /> approval of the bonds. The Board appoints the Finance Officer as the County's <br /> authorized representative with respect to the LGC application process. <br /> (b) The Finance Officer, in collaboration with the Clerk, is authorized and <br /> directed to publish a notice of the Board's intent to apply to the LGC for approval of the <br /> bonds. This notice must be in the form prescribed by statute and consistent with this <br /> resolution. <br /> (c) All County representatives are authorized to take all such further action as <br /> they may consider necessary or desirable in connection with the furtherance of the <br /> purposes of this resolution. This resolution takes effect immediately. <br />