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c. The County has never defaulted on any of its <br />debt service payments. <br />d. Adequate appropriations are made annually for <br />debt service payments. <br />e. Incurrence of all debt is carefully planned and <br />provided for in the County's 5 year CIP. <br />6. There will be no increase in property taxes <br />required to meet the sums required under this <br />proposed contract. <br />7. The County of Orange is not in default in any of <br />its debt service obligations. <br />8. The attorney for the County of Orange has rendered <br />an opinion that the proposed project is authorized <br />by law and is a purpose for which public funds,may <br />be expended pursuant to the Constitution and laws <br />of North Carolina. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance <br />Officer is hereby authorized to act on behalf of the County <br />of orange in filing an application with the North Carolina <br />Local Government Commission for approval of the Project and <br />the proposed financing contract and other actions not <br />inconsistent with this resolution. <br />This resolution is effective upon its adoption this <br />fifth day of August, 1991. <br />2 <br />