Orange County NC Website
Browse       Search
(2) The proposed installment financing is preferable to a bond issue for the same purposes. <br /> The obligations to be refinanced are also installment financings, so it makes sense to use the same <br /> vehicle for the refinancing. <br /> (3) The estimated sums to fall due under the proposed financing contract are adequate and <br /> not excessive for the proposed purpose. There is no money in this financing for new projects, and the <br /> refinancings will save money without extending any loan terms. <br /> (4) As confirmed by the County's Finance Officer, (a) the County's debt management <br /> procedures and policies are sound and in compliance with law, and (b)the County is not in default under <br /> any of its debt service obligations. <br /> (5) The County expects that there will be no actual increase in taxes necessary to meet <br /> debt obligations under the proposed financing arrangements because of the overall debt service <br /> savings. <br /> (6) The County Attorney is of the opinion that the proposed projects are authorized by law <br /> and are purposes for which public funds of the County may be expended pursuant to the Constitution <br /> and laws of North Carolina. <br /> BE IT FURTHER RESOLVED that the Board authorizes all County officers and employees to take <br /> all appropriate steps to complete the proposed refinancing, including completing an application to the <br /> LGC for its required approval, that the Board ratifies all prior actions taken toward accomplishing these <br /> purposes, and that this resolution takes effect immediately. <br /> NOW THEREFORE B ORDAINED by the Board of Orange County C issioners that this <br /> resolution is effect iv up n a roval. Upon motion of Commissioner econded <br /> <:ZCo missioner the foregoing resolution was adopted thisthe da of <br /> .2017. <br /> I, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange, North <br /> Carolina, DO HEREBY CERTIFY that the egoin is a tr copy of so much of the proceedings of <br /> said Board at a meeting held on _ 2017, as relates in any way to the <br /> adoption of the foregoing and that sai proc edings are recorded in Minute Book No. o <br /> the minutes of said Board. <br /> WITNESS my hand and the seal of said County,the day of 017. <br /> D nna S. Baker <br /> 11 Clerk to the Board <br /> ;� Sz <br /> r� <br /> rf¢ (Tttrotir� <br />