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4 <br />purposes will enhance the natural environment and quality of life of the County's <br />residents. <br />2. The proposed installment financing is preferable to a bond issue for the <br />same purpose. The County has no meaningful ability to issue non-voted ,general <br />obligation bonds for these projects, and these projects will produce no revenues that <br />could be used to support aself-liquidating financing. The County has chosen to <br />finance these particular projects by installment financing in connection with <br />proposing other projects for financing by general obligation bond issues, and it is <br />appropriate for the County to balance its capital finance program between bonds and <br />installment financing. <br />3. The estimated sums to fall due under the proposed financing contract are <br />adequate and not excessive for the proposed purpose. The County has obtained <br />competitive lending proposals, and will closely review proposed lending rates against <br />market rates with guidance from the LGC. <br />4. As confirmed to the Board at this meeting by the County's Finance <br />Officer, (a) the County's debt management procedures and policies are sound and in <br />compliance with law, and (b) the County is not in default under any of its debt service <br />obligations. <br />5. The proposed projects described above are part of a larger County <br />capital improvements program. This program includes some $75,000,000 of County <br />general obligation bonds and a variety of other financing. Although the County <br />expects that there may be tax increases associated with the overall program, any tax <br />increase attributable to the current proposed financing will be minimal. The County <br />bases this expectation on its expected interest rates and term for the current proposed <br />financing. <br />6. The County Attorney is of the opinion that the proposed projects are <br />authorized by law and are purposes for which public funds of the County may be <br />expended pursuant to the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED that the actions of the County's Finance <br />Officer in filing an application with the LGC for its approval of the project and the <br />proposed financing arrangements are authorized, ratified and approved, and that this <br />resolution takes effect immediately. <br />ALTFINANPLANPHRES 1119 <br />