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<br />The County expects to provide for payment of debt service tluough operating <br />revenues of the facility and from general fund sources, including an allocation to debt <br />service of amounts previously paid to provide for public access to the SportsPlex <br />swimming pool. The County expects that any tax increase that maybe attributable to <br />the current proposed financing will be minimal and will in any event be appropriate <br />under all the circumstances, because the combination of the existing SportsPlex <br />facilities with a new senior center Barr be carried out at a lower overall cost than <br />providing these facilities separately. <br />6. The County Attorney is of the opinion that the proposed project is authorized by law <br />and is a purpose for which public funds of the County may be expended pursuant to <br />the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED by the Board, as follows: <br />(a) The County's Finance Officer is authorized and directed to file an application <br />with the LGC for its approval of the project and the proposed financing arrangements and to take <br />all necessary and appropriate action related to the LGC approval process. <br />(b) The Finance Officer is authorized and directed to solicit proposals from financial <br />institutions to provide the financing contemplated by this resolution and to make a <br />recommendation to the Board of the proposal that he determines to be in the County's overall <br />best interests. <br />(c) The County intends that the adoption of this resolution will be a declaration of the <br />County's official intent to reimburse project expenditures from financing proceeds. The County <br />intends that funds that have been advanced, or that maybe advanced, from the County's general <br />fund, or any other County fund, for project costs will be reimbursed from the financing proceeds. <br />(d) A public hearing on this matter will beheld at the Board's meeting of October 18, <br />2005. The Manager is authorized and directed Co set the time of the hearing, and the Clerk to this <br />Board is authorized and directed to publish a notice of such public hearing in the form and <br />mamrer pr°ovided for by law. <br />(e) This resolution takes effect immediately. <br />This, the 20°i day of September, 2005. <br />