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NORTH CAROLINA ORANGE COUNTY BOARD OF <br />ORANGE COUNTY COMMISSIONERS RESOLUTION <br />WHEREAS growth in Orange County has been, and is predicted to continue to be <br />significant; and <br />WHEREAS with the growth there has been and continues to be an ever-increasing <br />demand for County services; and <br />WHEREAS County facilities are inadequate to provide the space necessary to deliver <br />the demanded County services or to provide certain opportunities to <br />County citizens; and <br />4 <br />WHEREAS the Orange County Commissioners have initiated, reviewed and received <br />public comment on a ten-year Capital Improvement Plan. (hereinafter <br />referred to as CIP) in order to address the facilities needs of the County; and <br />WHEREAS it is impractical to fund the facilities construction and improvements <br />necessary to implement the CIP and County policies with "pay as you go" <br />revenues generated wholly from the current property taxes, current sales <br />taxes, and other current revenue; and <br />WHEREAS the Board of Commissioners proposes funding for certain major projects <br />in the implementation of the CIP and County policies with the proceeds of <br />two-thirds net debt reduction general obligation bonds, voter-approved <br />bonds and with proceeds of current property taxes, current sales taxes, <br />impact fees and other current revenue; and <br />WHEREAS projects are proposed in the CIP to be implemented with proceeds of two- <br />thirds net debt reduction general obligation bonds totaling $2,846,000 for <br />renovations and improvements to the Whiffed Human Services Center and <br />the Northern Human Services Center and, <br />WHEREAS project cost estimates based upon assessments and evaluations made by <br />Staff including the County Engineer, Public Works Director and others as <br />well as review of financing options and repayment ability evaluated by the <br />Finance Director supports the conclusion that, in combination with other <br />designated County capital funds, the amount of bonds proposed are <br />adequate and not excessive for the intended purposes, and <br />WHEREAS it is the intent of the Orange County Board of Commissioners to seek <br />approval of the Local Government Commission for the County to issue <br />two-thirds net debt reduction bonds <br />IT IS RESOLVED THAT: <br />1. Orange County intends to seek approval of the Local Government <br />Commission for Orange County to issue two-thirds net debt reduction <br />