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• _ <br /> correct the poorly functioning sewage package plant located <br /> • at its Efland-Cheeks Elementary School. This time <br /> limitation, imposed by consent order with the North Carolina <br /> Department of Environmental Management, can be met by the <br /> prompt construction of the Project. <br /> 3. The following sources of funds are proposed <br /> - for the construction of the project: <br /> FMHA grant $598,300.00 <br /> FMHA loan 200,000.00 <br /> N.C. Clean Water grant 170,000.00 <br /> Orange County "loan" 136,000.00 - <br /> Orange County grant 50,000.00 <br /> $1,154,300.00 <br /> The $200,000.00 FMHA loan is proposed to be repaid by <br /> the sale of general obligation, net-debt reduction <br /> bonds. This amount is the maximum and minimum FMHA loan <br /> available for the Project under FMHA guidelines. <br /> 4. Orange County has made all debt service <br /> payments on a timely basis as evidenced by its audit <br /> reports for the years ending June 30, 1980-84. <br /> 5. According to Orange County's audit report <br /> for the fiscal year ending June 30, 1984, its budgetary <br /> and fiscal management policies have been carried out in <br /> compliance with law. <br /> 6. No increase in the Orange County property <br /> tax will be necessary to meet the increase in debt <br /> service occasioned by the repayment of the bonds <br /> proposed for the funding of the Project. <br /> 4 <br />