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3 <br /> WHEREAS, it appears that each of the Instruments is in appropriate form and is an appropriate <br /> instrument for the purposes intended; <br /> WHEREAS, the net sums to fall due under the Agreement will not exceed $400,000 in each year <br /> for 10 years and can be included in the County's budget; <br /> WHEREAS, it is reasonable to conclude that the payments under the Agreement are not excessive <br /> for the stated purpose and no increase in the property tax rate will be required to raise funds to fall due <br /> under the contract in each fiscal year during the term of the Agreement; <br /> WHEREAS, the County Attorney is of the opinion that this transaction is authorized by law and <br /> is a purpose for which public funds may be expended pursuant to the Constitution and laws of the State; <br /> WHEREAS, the County's budget process and Annual Budget Ordinance are in compliance with <br /> the Local Government Budget and Fiscal Control Act, and external auditors have determined that the <br /> County has conformed with generally accepted accounting principles in preparing its Annual Budget <br /> Ordinance; <br /> WHEREAS, past audit reports of the County indicate that its debt management and contract <br /> obligation payment policies have been carried out in strict compliance with the law, and the County has <br /> not been censured by the North Carolina Local Government Commission(the "LGC"), external auditors, <br /> or any other regulatory agencies in connection with such management; <br /> WHEREAS, the County is not in default in meeting any of its debt service or contract obligations; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE <br /> COUNTY OF ORANGE, NORTH CAROLINA, AS FOLLOWS; <br /> Section 1. That all actions of the County in effectuating the Project are hereby approved, <br /> ratified and authorized pursuant to and in accordance with the transactions contemplated by the <br /> G <br /> Instruments. <br /> Section 2. That the form and content of the Agreement are in all respects authorized, approved <br /> and confirmed, and the County Manager or his designee and the County Clerk are authorized,empowered <br /> and directed to execute and deliver the Agreement for and on behalf of the County, including necessary <br /> counterparts, in substantially the form attached hereto, but with such changes, modifications, additions <br /> or deletions therein as shall to them and the County Attorney seem necessary, desirable or appropriate, <br /> their execution thereof to constitute conclusive evidence of their approval of any and all such changes, <br /> modifications, additions or deletions, and that from and after the execution and delivery of the <br /> Agreement, the County Manager and the County Clerk or their respective designees are hereby <br /> authorized, empowered and directed to do all such acts and things and to execute all such documents as <br /> may be necessary to carry out and comply with the provisions of the Agreement as executed. <br /> Section 3. That the County acknowledges that its payments under the Agreement constitute a <br /> valid, binding and legally enforceable contractual obligation of the County to the payment of which the <br /> County is obligated to appropriate funds in each year thereof, and payable from the County's funds I' <br /> and from the earnings and all income received by the County from whatever source derived unless the <br /> 3 .as <br />