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16 <br />Resolution supporting an application to the Local Government <br />Commission for its approval of the County's 2004 installment financing <br />projects <br />WHEREAS- <br />On May S, 2004, the Orange County Board of Commssioners <br />approved, in principle, the use of installment financing to provide funds, to <br />be used with other available funds, to pay costs related to the following <br />projects: <br />School projects, including a new <br />high school for the Chapel Hill - Carrboro <br />district and other school improvements $9,000,000 <br />Acquisition of conservation <br />easements and similar interests <br />in land $500,000 <br />Senior centers $2,150,000 <br />Orange County campus <br />of Durham Tech - <br />building costs $3,000,000 <br />Under the guidelines of the North Carolina Local Government <br />Conulussion (the "LGC"), this governing body must make certain findings <br />of fact to support the County's application for the LGC's approval of the <br />County's proposed financing arrangements for the project. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of <br />Commissioners of Orange County, North Carolina, as follows: <br />1, The Board makes an initial determination to finance the <br />projects described above by use of installment financing. The County <br />estimates that the total amount to be financed will be $14,7 million, plus <br />amounts that may be needed to provide required reserves, to pay financing <br />costs and to pay other necessary and related costs. <br />