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5 <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 of <br /> this financing is reasonable under all the circumstances. Furthermore, the <br /> refinancings will result in a lower debt service burden for the County. <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 /> financing proceeds. The County intends that funds that have been advanced for <br /> project costs, or which may be so advanced, from the County's general fund, or any <br /> other County fund, may be reimbursed from the financing proceeds. <br /> (b) The Board directs the Finance Officer to take all appropriate steps <br /> toward the completion of the financing, including completing an application to the <br /> LGC for its approval of the proposed financing. The Board ratifies all prior actions of <br /> County representatives in this regard. <br /> (c) This resolution takes effect immediately. <br />