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2 <br /> RESOLUTION CONCERNING BOND ISSUE FOR FARMLAND PRESERVATION <br /> WHEREAS, the Orange County Board of County Commissioners has <br /> considered the need for preservation of farmland within the <br /> County; <br /> AND WHEREAS, it is the opinion of the Board that the voters <br /> of Orange County should consider these needs in the amount of <br /> $5, 000, 000; <br /> AND WHEREAS, the Board has made the following factual <br /> findings in regard to this matter: <br /> 1. Description of undertaking: The undertaking for which <br /> the bonds are proposed is to provide funds for the <br /> implementation of a program of farmland preservation <br /> within the County, including the acquisition by <br /> purchase, lease or otherwise of land or any interests <br /> therein (including development rights) to maintain, <br /> protect, limit future use of or otherwise conserve open <br /> spaces and open areas constituting farmland. <br /> 2. Facts regarding necessity of proposed program: The <br /> proposed program is necessary in order to provide <br /> farmers a timely, financially competitive alternative to <br /> selling their land for development. <br /> 3 . Facts supporting the amount of bonds proposed: The <br /> amount of bonds proposed is adequate for the proposed <br /> purpose inasmuch as the preliminary cost information <br /> prepared by the Orange County Planning Department has <br /> estimated that the bonds would provide funds to <br /> facilitate the implementation of the preservation <br /> program. <br /> 4. Past debt management policies: Orange County has in the <br /> past always appropriated funds in accordance with North <br /> Carolina law during each fiscal year in an amount <br /> sufficient to meet annual debt service requirements. <br /> 5. Past budgetary and fiscal management policies: Orange <br /> County has always adopted its budget in a timely manner <br /> in accordance with North Carolina statutory requirements <br /> and has obtained an unqualified opinion from a certified <br /> public accountant in connection with each annual audit. <br /> 6. Retirement of debt: In order to satisfy the estimated <br /> increase in debt service requirements, Orange County <br /> will use ad valorem taxes of $0. 01 (one cent) per <br /> $100. 00 assessed valuation. <br />