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rA <br />(2) The proposed installment financing is preferable to a bond issue for the <br />same purposes. <br />The County is planning to issue both voter - approved general obligation <br />bonds for school projects and other purposes both this year and in future years, and <br />it is appropriate for the County to continue to balance its capital finance program <br />between bonds and installment financing. These projects will not produce revenues <br />sufficient to support a self - liquidating financing. The County has no meaningful <br />ability to issue non -voted general obligation bonds for these projects. The County <br />expects that in the current interest rate environment for municipal securities there <br />would be no material difference in the overall financing costs between general <br />obligation bonds and installment financings for this project. <br />(3) The estimated sums to fall due under the proposed financing contract <br />are adequate and not excessive for the proposed purpose. The County will closely <br />review proposed financing rates against market rates with guidance from the LGC <br />and the County's financial adviser. All amounts financed will reflect either approved <br />contracts or previous actual expenditures. <br />(4) As confirmed by the County's Finance Officer, (i) the County's debt <br />management procedures and policies are sound and in compliance with law, and (ii) <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. The <br />County expects that interest rates to be payable by the County on the proposed <br />financing, and the expected term of the financing, will allow the County to repay the <br />financing within current resources. Given the County's need for the projects, the <br />Board believes that any tax rate impact is reasonable under all the circumstances. <br />(6) The County Attorney is of the opinion that the proposed projects are <br />authorized by law and is a purpose 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 as follows: <br />