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Agenda - 08-05-1991
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Agenda - 08-05-1991
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BOCC
Date
8/5/1991
Meeting Type
Regular Meeting
Document Type
Agenda
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7 <br />C. The amount proposed within the contract exceeds what can <br />be prudently raised by the County from it's current <br />resources. Fund balance has been appropriated in the <br />current year to fund operations. Further appropriations <br />could adversely impact the fund balance next year by <br />causing it to fall below the 8% level. <br />d. The County currently can not issue bonds under the "two - <br />thirds limitation" because there was not a reduction in the <br />County's net debt at June 30, 1991. The County retired <br />debt on previously issued bonds but issued new bonds in <br />excess of the bonds which were retired. <br />e. Changes within the current year County budget to fund this <br />acquisition could severely impact the delivery of much <br />needed services in other areas. Adequate funding has been <br />provided within the County's Capital Reserve fund to pay <br />the installments required in the proposed contract. <br />3. Not applicable. <br />4. The sums to fall due under the contract are adequate and not <br />excessive for the proposed purpose because <br />a. The amount to be financed is not excessive when compared <br />to the County's previous agreements. <br />b. The term of the agreement is less than five years and the <br />interest rate of 7% is very favorable. <br />c. The funding for the sums which fall due are included in the <br />County's 5 year CIP and does not impact other operational <br />areas. <br />5. The County of Orange's debt management procedures and policies <br />are good because <br />a. All applicable laws regarding incurrence of debt are <br />strictly followed. <br />b. Reporting of all outstanding debt and disclosures involving <br />debt are appropriately done within the County's Financial <br />Statements. <br />c. The County has never defaulted on any of its debt service <br />payments. <br />d. Adequate appropriations are made annually for debt service <br />payments. <br />e. Incurrence of all debt is carefully planned and provided <br />for in the County's 5 year CIP. <br />
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