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8 <br /> conditions and the final results of the project bidding process. Some of the financing <br /> proceeds may represent reimbursement to the County for prior expenditures on <br /> project costs, and the County will use some proceeds to pay financing costs. <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 financings are preferable to a bond issue for <br /> the 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 (and will <br /> continue to make) extensive use of voter-approved and two-thirds general obligation <br /> bonds for other capital purposes. The County expects that in the current interest rate <br /> environment for municipal securities there would be no material difference in the <br /> overall financing costs between general obligation bonds and installment financings <br /> for these projects. These projects will not produce sufficient revenues to support a <br /> self-liquidating financing. <br /> (c) The estimated sums to fall due under the proposed financing contracts <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 />