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6 <br /> (b) The proposed installment financing is preferable to a bond issue for the <br /> same purposes. <br /> The County has no meaningful ability to issue non-voted general obligation <br /> bonds for these projects. These projects will produce no revenues that could be used <br /> to support a self-liquidating financing. The County is in the midst of a program for <br /> issuing voter-approved bonds for school purposes, and it is appropriate for the <br /> County to balance its capital program between various types of financings. The <br /> County expects that in the current interest rate environment for municipal <br /> securities there would be no material difference in the overall financing costs <br /> between general obligation bonds and installment financings for these projects. <br /> (c) 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 /> All amounts financed will reflect either approved contracts, professional estimates, <br /> or previous actual expenditures. <br /> (d) 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 /> (e) Although the County expects there will be tax increases associated with <br /> the County's overall capital improvement program, any tax increase directly <br /> attributable to the current proposed financing will be minimal. The County will <br /> manage the projects and its borrowing plans so as to minimize the tax impact while <br /> still allowing the projects to proceed. The County believes that the tax rate impact <br /> of this financing is reasonable under all the circumstances. <br /> (f) The County Attorney is of the opinion that the proposed project is <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 /> 3. Additionally, the Board resolves as follows: <br /> (a) The County intends that the adoption of this resolution will be a <br /> declaration of the County's official intent to reimburse project expenditures from <br />