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6 <br /> (a) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. <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, other than the school projects. The County is in the midst <br /> of a program for issuing voter-approved bonds for school purposes, and it is <br /> appropriate for the County to balance its capital program between various types of <br /> financings. The County expects that in the current interest rate environment for <br /> municipal securities there would be no material difference in the overall financing <br /> costs between general obligation bonds and installment financings for these <br /> projects. These projects will produce no revenues that could be used to support a <br /> self-liquidating financing. <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 /> and in consultation with the County's financial adviser. All amounts financed will <br /> reflect either approved contracts, professional estimates, or previous actual <br /> 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 />