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6 <br /> 2. The Board makes the following findings of fact in support of the <br /> County's application to the LGC: <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. It is appropriate for the County to balance its capital <br /> program between various types of financings, and the County has made extensive use <br /> of voter-approved and two-thirds general obligation bonds. The County expects that <br /> in the current interest rate environment for municipal securities there would be no <br /> material difference in the overall financing costs between general obligation bonds <br /> and installment financings for these projects. These projects will produce no <br /> revenues that could be used to support a 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 and <br /> the County's financial adviser. All amounts financed will reflect either approved <br /> contracts, previous actual expenditures, or professional estimates. <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 of <br /> this financing is reasonable under all the circumstances. <br />