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DRAFT <br />5 <br />funded with bond proceeds will depend on final project costs and the County's <br />evolving needs. <br />b) The amount of bonds proposed is adequate and not excessive for the <br />proposed purpose. ,The proposed bond amounts have been derived from the <br />Board's consideration of the task force report and other sources. <br />c) The County's debt management and budgetary and fiscal management <br />policies have been carried out consistently in accordance with the law. <br />d) The Board expects a maximum potential tax impact to the County of <br />7.3 cents per $100 of .assessed valuation. The Board recognizes that its past <br />estimates of maximum tax increases necessary to support bond payments have <br />turned out to be accurate. <br />3. 'The Finance Officer is authorized and directed to proceed with the proper <br />steps toward the authorization of the referendum, including proceeding. with an <br />application to the North Carolina Local Government Commission (the "LGC") for its <br />approval of such bonds. <br />4. The Finance Officer is authorized and directed to publish a notice of the <br />Board's intent to apply to the LGC for approval of the bonds. This notice must be in the <br />form prescribed by statute .and consistent with this resolution. <br />5. The Finance Officer is authorized and directed to employ bond counsel to <br />represent the County in the authorization and issuance of such bonds. <br />6.. All County officers and employees are authorized and directed to take all <br />such further action as they may consider necessary or desirable in connection with the <br />furtherance of the purposes of this resolution. All such prior actions of County officers <br />and employees are ratified, approved and confirmed. All other resolutions, or parts <br />thereof, in conflict with this resolution are repealed, to the extent of the conflict. This <br />resolution takes effect immediately. <br />