Orange County NC Website
Browse       Search
4 <br />approval process. The Board appoints the Finance Director as the County's <br />authorized representative with respect to the LGC application process. <br />4. The County requests that the LGC approve the County's application <br />for such fmancing. The Board makes the following findings of fact in support of its <br />application for approval and its determination to proceed with this fmancing: <br />(a) The proposed projects are appropriate for the County under all the <br />circumstances. These projects have been considered by the Board on multiple <br />occasions as part of the Board's capital investment planning process. <br />(b) The proposed installment fmancing is preferable to a bond issue for <br />the same purpose. It is appropriate for the County to balance its capital finance <br />program between bonds and installment fmancing, and the County has already <br />applied some general obligation bond funds and other resources to these projects, <br />especially including the school projects. <br />(c) The estimated sums to fall due under the proposed fmancing contract <br />are adequate and not excessive for the proposed purpose. The SunTrust proposal <br />provides not only competitive interest rate and prepayment terms but also lower <br />than expected transaction costs. <br />(d) As confirmed to the Board at this meeting by the County's Finance <br />Officer,' (i) the County's debt management procedures and policies are sound and <br />in compliance with law, and (ii) the County is not in default under any of its debt <br />service obligations. <br />(e) The County expects that the amounts required to repay the amounts <br />fmanced for the projects will require the equivalent of a real property tax increase <br />of approximately 3.5 cents. Such an increase is appropriate under all the <br />circumstances, given the need for the projects. <br />(f) The County Attorney is of the opinion that the proposed projects are <br />authorized by law and are purposes for which public funds of the County may be <br />expended pursuant to the Constitution and laws of North Carolina. <br />5. The County intends that the adoption of this resolution will be a <br />declaration of the County's official intent to reimburse project expenditures from <br />fmancing proceeds. The County intends that funds that have been advanced, or <br />