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(a) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. <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 <br /> bonds for this project. These projects will not produce sufficient revenues to <br /> support a self-liquidating financing. The County has in the past issued substantial <br /> amounts of voter-approved bonds, and it is appropriate for the County to balance its <br /> capital finance program between bonds and installment financing. <br /> The County expects that in the current interest rate environment for <br /> municipal securities there would be no material difference in interest rates between <br /> general obligation bonds and installment financings for these projects. <br /> (c) The estimated sums to fall due under the proposed financing contract <br /> are adequate and not excessive for the proposed purpose. The County will closely <br /> review proposed financing rates against market rates with guidance from the LGC <br /> and the County's financial adviser. All amounts financed will reflect either approved <br /> contracts, professional estimates or previous actual expenditures. <br /> (d) As confirmed by the County's Finance Officer, (i) the County's debt <br /> 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 debt <br /> service on the financing will be the equivalent of up to 1/2 cent per $100 of <br /> valuation. Given this relatively low amount and based on the estimated interest <br /> rates to be payable and the proposed financing term, the County expects to be able <br /> to repay the financing within current resources, and no actual tax rate increase <br /> related to this financing will be necessary. <br /> (f) The County Attorney is of the opinion that the proposed project is <br /> authorized by law and is a purpose 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 />