Agenda - 05-02-2017 - 8-g - Two-Thirds General Obligation Bonds

Browse Search

4 BE IT FURTHER RESOLVED that the Board makes the following findings of fact in support of its determination: (1) The proposed capital projects are necessary and expedient for the County. (2) The amount of bonds proposed is adequate and not excessive for the proposed purpose. (3) The County's debt management and budgetary and fiscal management policies have been carried out consistently in accordance with the law. (4) The Board believes that no actual increase in the County's property tax rate will be necessary to provide for principal and interest payments on the bonds. The Board expects that existing revenue sources allocated for debt service payments will be sufficient to generate funds for debt payments BE IT FURTHER RESOLVED, as follows: (a) The Board directs the Finance Officer to proceed with the steps for the bond issue, including proceeding with an application to the LGC for its approval of the proposed bonds. The Board appoints the Finance Officer as the County's authorized representative with respect to the LGC application process. (b) The Board authorizes all County representatives to take all further action as they may consider desirable for accomplishing the purposes and intentions of this resolution. The Board ratifies all prior actions of County representatives in this regard. This resolution takes effect immediately. (c) The County intends that the adoption of this resolution will be a declaration of the County's official intent to reimburse project expenditures from financing proceeds. The County intends that funds that have been advanced for project costs, or which may be so advanced, from the County's general fund, the school capital fund, or any other County fund, may be reimbursed from the financing proceeds. (d) This resolution takes effect immediately