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5 <br /> Orange County library building in Hillsborough, and the County's West Campus <br /> Office Building located at 131 West Margaret Lane in Hillsborough. The Chapel Hill - <br /> Carrboro City School Board previously approved the use of those schools as <br /> collateral for the 2011 and 2012 financings. <br /> BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br /> following findings of fact in accordance with LGC guidelines: <br /> (1) The proposed refinancing appropriate for the County under all the <br /> circumstances. <br /> (2) The proposed installment financing is preferable to a bond issue for the <br /> same purposes. The obligations to be refinanced are also installment financings, so <br /> it makes sense to use the same vehicle for the refinancing. <br /> (3) The estimated sums to fall due under the proposed financing contract <br /> are adequate and not excessive for the proposed purpose. There is no money in this <br /> financing for new projects, and the refinancings will save money without extending <br /> any loan terms. <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 <br /> because of the overall debt service savings. <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 that the Board authorizes all County officers and <br /> employees to take all appropriate steps to complete the proposed refinancing, <br /> including completing an application to the LGC for its required approval, that the <br /> Board ratifies all prior actions taken toward accomplishing these purposes, and that <br /> this resolution takes effect immediately. <br />