RES-2019-048 Resolution supporting an application to the Local Government Commission for its approval of a County financing agreement for various capital investment plan projects

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( c ) The estimated sums to fall due under the proposed financing contract are adequate and not excessive for the proposed purpose . The County will closely review proposed financing rates against market rates with guidance from the LGC . All amounts financed will reflect either approved contracts , professional estimates , or previous actual expenditures . ( d ) As confirmed by the County ' s Finance Officer , ( 1 ) the County ' s debt management procedures and policies are sound and in compliance with law , and ( ii ) the County is not in default under any of its debt service obligations . ( e ) Although the County expects there will be tax increases associated with the County ' s overall capital improvement program , any tax increase directly attributable to the current proposed financing will be minimal . The County will manage the projects and its borrowing plans so as to minimize the tax impact while still allowing the projects to proceed . The County believes that the tax rate impact of this financing is reasonable under all the circumstances . ( f) The County Attorney is of the opinion that the proposed project is authorized by law and is a purpose for which public funds of the County may be expended pursuant to the Constitution and laws of North Carolina . 3 . Additionally , the Board resolves as follows : ( a ) The County intends that the adoption of this resolution will be a declaration of the County ' s official intent to reimburse project expenditures from financing proceeds . The County intends that funds that have been advanced for project costs , or which may be so advanced , from the County ' s general fund , or any other County fund , may be reimbursed from the financing proceeds . ( b ) The Board directs the Finance Officer to take all appropriate steps toward the completion of the financing , including completing an application to the LGC for its approval of the proposed financing . The Board ratifies all prior actions of County representatives in this regard . ( c ) This resolution takes effect immediately .