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4 <br />4. In order to meet the increase in debt service <br />occasioned by the repayment of the proposed bonds entirely <br />from proceeds of Orange County property taxes, it is <br />estimated that a tax increase would be necessary. <br />5. The Clerk to the Board of Commissioners shall <br />publish, on or before February 8,1992 in a form prepared by <br />or approved by Orange County's bond counsel, Orange County's <br />"Notice of Intent" to file an application with the North <br />Carolina Local Government. Commission for approval of the <br />proposed bonds. <br />6. The Orange County Finance Director shall prepare the <br />application to the North Carolina Local Government Commission <br />for approval of the proposed bonds. <br />7. Coleman, Gledhill and Hargrave is hereby authorized <br />to employ the law firm of Brown & Wood, One World'Trade <br />Center, New York, New York to represent Orange County in the <br />authorization and the issuance of the proposed bonds. <br />Upon motion duly made and seconded, the foregoing <br />Resolution was adopted by the Board of Commissioners of <br />Orange County this the 3rd day of February, 1992. <br />Ayes: <br />Noes <br />