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7 <br />and (b) the County is not in default under any of its debt service obligations. <br />5. There will be no increases in taxes necessary to meet debt obligations under <br />the proposed financing arrangements. The County expects that interest rates to be payable <br />by the County an the proposed financing, and the expected term of the financing, will <br />allow the County to repay the financing within current resources. <br />6. The County Attorney is of the opinion that the proposed project is authorized <br />by law and is a purpose for which public funds of the County may be expended pursuant <br />to the Constitution and laws of North Carolina. <br />BE IT FURTHER RESOLVED that the Finance Officer and all other County <br />officers and employees are authorized and directed to proceed with the installment <br />financing contemplated by this resolution and as described to the Board, and to take all <br />such further action as they may consider necessary or desirable in that connection. <br />BE IT FURTHER RESDLVED that the Finance Officer is specifically authorized <br />and directed to provide for the filing of an application to the LGC .for its required <br />approval of the project and the proposed financing arrangements. <br />BE IT FURTHER RESOLVED that the Clerk to this Baard is authorized and <br />directed to provide far the publication of a notice of public hearing on the proposed <br />financing, in the farm and manner prescribed by statute, with the hearing to be held at the <br />Board's meeting on June 29, 2000. <br />BE IT FURTHER RESOLVED that this Baard's determination to proceed with <br />an installment financing shall be subject to the Board's further consideration in light of <br />any public comment received at the public hearing. <br />