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6 <br /> (2) The proposed installment financing is preferable to a bond issue for the <br /> same purposes. <br /> The County is planning to issue both voter-approved and non-voted general <br /> obligation bonds for school projects and other purposes, and it is appropriate for <br /> the County to continue to balance its capital finance program between bonds and <br /> installment financing. These projects will not produce revenues sufficient to support <br /> a self-liquidating financing. The County expects that in the current interest rate <br /> environment for municipal securities there would be no material difference in the <br /> overall financing costs between general obligation bonds and installment financings <br /> for this project. <br /> (3) The estimated sums to fall due under the proposed financing contract <br /> are adequate and not excessive for the proposed purpose. The County will closely <br /> review proposed financing rates against market rates with guidance from its <br /> financial adviser and the LGC. All amounts financed will reflect either approved <br /> contracts, professional estimates or previous actual expenditures. <br /> (4) As confirmed by the County's Finance Officer, (a) the County's debt <br /> management procedures and policies are sound and in compliance with law, and (b) <br /> the County is not in default under any of its debt service obligations. <br /> (5) The County expects that there will be no actual increase in taxes <br /> necessary to meet debt obligations under the proposed financing arrangements. The <br /> County expects that interest rates to be payable by the County on the proposed <br /> financing, and the expected term of the financing, will allow the County to repay the <br /> financing within current resources. In addition, the County expects that debt service <br /> components related to landfill and Sportsplex projects will be paid from the <br /> revenues of the related enterprises. Given the County's need for the projects, the <br /> Board believes that any tax rate impact is reasonable under all the circumstances. <br /> (6) 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 /> BE IT FURTHER RESOLVED as follows: <br />