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y" <br />market rates with guidance from the LGC. The project is under construction pursuant to a <br />construction budget previously evaluated by the Board. <br />4. As confirmed to the Board at this meeting by the County's Finance Officer, <br />(a) the County's debt management procedures and policies are sound and in compliance <br />with. law, and (b) the County is not in default under any of its debt service obligations. <br />5. The County expects that any tax increase that may be attributable to the <br />can-ent proposed financing will be minimal and will in any event be appropriate tinder all <br />the circumstances, given the importance of the project. <br />6. The County Attorney is of the opinion that the proposed project is <br />authorized by law and is a purpose for which public fiords of the County may be <br />expended pursuant to the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED by the Board, as follows: <br />(a) The County's Finance Officer is authorized and directed to file an <br />application with the LGC for its approval of the project and the proposed financing <br />an°angements and to take all necessary and appropriate action related to the LGC <br />approval process. <br />(b) The Finance Officer is authorized and directed to solicit proposals from <br />financial institutions to provide the financing contemplated by this resolution and to make <br />a recommendation to the Board of the proposal that he determines to be in the County's <br />overall best interests. <br />(c) The County intends that the adoption of this resolution will be a declaration <br />of the County's official intent to reimburse project expenditures from financing proceeds, <br />The Cotmty intends that fiords that have been advanced, or that may be advanced, from <br />the County's general fiord, or any other County fiord, for project costs will be reimbursed <br />from the financing proceeds. <br />(d) A public hearing on this matter will be held at the Board's meeting of <br />October 3, 2006. The Manager is authorized and directed to set the time of the hearing, <br />and the Clerk to this Board is authorized and directed to publish a notice of such public <br />hearing in the form and manner provided for by law. <br />(e) This resohtion takes effect immediately. <br />