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6 <br /> 2. The Board makes the following findings of fact to support 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. These projects will not <br /> produce sufficient revenues to support a self-liquidating financing. The County <br /> expects that in the current interest rate environment for municipal securities there <br /> would be no material difference in the overall financing costs between general <br /> obligation bonds and installment financings for these projects. <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) The County expects there will be tax increases associated with the <br /> County's overall capital improvement program. Given the County's need for the <br /> projects, the Board believes that the overall effect on the County's budget and the tax <br /> rate from repaying the borrowed money will be reasonable under all the <br /> circumstances. The County will manage the projects and its borrowing plans so as to <br /> minimize the tax impact while still allowing projects to proceed and addressing the <br /> County's full range of needs. <br />