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6 <br />Resolution making certain findings of fact and authorizing staff work for a <br />proposed installment financing for the planned new Urange County high school <br />WHEREAS, Orange County has previously approved in principle a plan to finance <br />a portion of the construction costs far a new high school far the Orange County school <br />district through an installment financing contract, as authorized under Section 160A-20 of <br />the North Carolina General Statutes; <br />WHEREAS, the Board of Commissioners has been advised by the Finance <br />Officer, after consultation with school board representatives, that installment financing <br />for project construction costs will be required in an amount not to exceed $13,500,000, <br />and the Board has determined now to proceed with the installment financing; <br />WHEREAS, under the guidelines of the North Carolina Local Government <br />Commission (the "LGC"}, this governing body must make certain findings of fact to <br />support the County's application for the LGC's approval of the County's proposed <br />financing arrangements for the project; <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />Orange County, North Carolina, makes the fallowing findings of fact: <br />1. The proposed project is necessary and appropriate far the County under all the <br />circumstances. The County accepts the determination in this regard initially made by the <br />Orange County School Board. <br />2. The proposed installment financing is preferable to a band issue far the same <br />purpose. The County's long-range capital improvement plan for the County schools has <br />contemplated an installment financing for a portion of this project's cast for same time, <br />and the Board has determined that. the ,capital improvement plan represents the preferred <br />program for combining the various types of financing available to the County in light of <br />the various capital needs facing the County: The Board notes that approximately one-half <br />of the project's cost will be paid for from proceeds of general obligation bonds approved <br />by the County's voters in November, 1997: The County has no ability to issue non-voted <br />general obligation bands for this project, and this project will produce na revenues that <br />could be used to support aself-liquidating financing. <br />3. The sums to fall due under the contract are adequate and not excessive for the <br />proposed purpose. The County will obtain competitive proposals for the financing now to <br />be approved and the County expects that ,its high credit rating will enable, it to obtain <br />favorable financing terms. In addition, general obligation bond proceeds will pay <br />approximately one-half of ,the project's construction cost, and County pay-as-you-go <br />capital funds will pay additional project costs. <br />4. The Finance Officer has confirmed to the Board at this meeting that (a) the <br />County's debt management procedures and policies are sound and in compliance with law <br />