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3 <br /> 4 . The sums to fall due under the contract are adequate and <br /> not excessive for the proposed purpose because funding of the debt <br /> service thus created is already planned in Orange County' s long-term <br /> Capital Improvement Plan. <br /> 5. The County of Orange' s debt management procedures and <br /> policies are good because the County' s existing and planned debt falls <br /> well within North Carolina's legal debt limitations for local <br /> governments; furthermore, Orange County' s excellent creditworthiness is <br /> well recognized by investors and well established by the principal <br /> municipal bond rating agencies with bond ratings of Aal (Moody' s) and <br /> AA+ (Standard & Poor' s) . <br /> 6. There will be no increase in ad valorem property taxes <br /> necessary to meet the sums to fall due under the proposed contract. <br /> Payments due under the proposed contract will be financed by school <br /> impact fees accrued and pay-as-you-go sales tax revenues. <br /> 7 . The County of Orange is not in default in any of its debt <br /> service obligations. <br /> 8. The Attorney for the County of Orange has rendered an <br /> opinion that the proposed Project is authorized by law and is a purpose <br /> for which public funds may be expended pursuant to the Constitution and <br /> laws of North Carolina. <br /> NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Officer is <br /> hereby authorized to act on behalf of the County of Orange in filing an <br /> application with the North Carolina Local Government Commission for <br /> approval of this Project and the proposed financing contract and other <br /> actions not inconsistent with this resolution. <br /> This resolution is effective upon its adoption this 18th day of <br /> October, 1994. <br /> The motion to adopt this resolution was made by Commissioner <br /> seconded by Commissioner , and passed by a vote of to <br /> Stephen Halkiotis, Vice <br /> Chair <br /> ATTEST: <br /> Beverly C. Blythe, Clerk to the Board <br /> This is to certify that this is a true and accurate copy of this <br /> resolution adopted by the Orange County Board of Commissioners on the <br /> 18th day of October, 1994. <br /> Beverly C. Blythe, Clerk to the Board Date <br />