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17 <br />2. The Finance Director is authorized and directed to proceed <br />with the proper steps toward completing the financing, including proceeding <br />with an application to the LGC for its approval of such financing, The <br />Council appoints the Finance Director as the County's authorized <br />representative with respect to the LGC application process. <br />3, The County requests that the LGC approve the County's <br />application for such financing, The Board makes the following findings of <br />fact in support of its application for approval and its deterizrination to <br />proceed with this financing: <br />(a)The proposed projects are necessary and appropriate for the <br />Com-rty under all the circurnstanaes. The Chapel Hill - Carrboro school <br />board has identified the new high school as a critical need. All of these <br />projects have been in the County's capital investment plan for some period <br />of time, and have received prior confirmation from the Board as to their <br />necessity and appropriateness for the County. The Board believes that the <br />proposed projects represent the best use of the borrowing capaCounty (for <br />installment financings) that the County has elected to use at this time. <br />(b) The proposed installment financing is preferable to a <br />bond issue for the same purpose. Using an installment financing for these <br />projects allows the County to address a series of needs as part of a flexible, <br />long-term plan. Several of the proposed projects will also receive funding <br />from voter-approved general obligation bonds. The County has elected to <br />use its capacity to issue non-voted general obligation bonds in the upcoming <br />fiscal year for other important projects, It is appropriate for the County to <br />balance its capital finance program between bonds and installment <br />financing, <br />(c) The estimated sums to fall due under the proposed <br />financing contract are adequate and not excessive for the proposed purpose. <br />The County has, and will continue, to closely monitor construction budgets <br />against available funds. The County will closely review proposed lending <br />rates against market rates with guidance from the LGC. <br />(d) As confirmed to the Board at this meeting by the <br />County's Finance Officer, (i) the County's debt management procedures and <br />