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bonds in a total amount not to exceed $2,846,000, as detailed above in <br />order to implement the CIP and County policies. <br />2. Orange County has made all debt service payments on existing debt on a <br />timely basis as evidenced by its audit report for the year ended June 30, <br />1999, and for the period since June 30, 1999 as confirmed by the County. <br />Finance Director. <br />3. According to Orange County's audit report for the year ended June 30, <br />1999, its budgetary and fiscal management policies have been carried out <br />in compliance with all applicable laws, requirements and other guidelines. <br />4. In order to meet the increase in debt service occasioned by the repayment <br />of the proposed bonds no tax increase is necessary. Debt service will be <br />funded principally from sales tax and other revenues committed by the <br />Orange County Board of Commissioners for. that purpose. <br />5. The Orange County Finance Director shall prepare and submit an <br />application to the .North Carolina Local Government Commission for <br />approval of the proposed bonds. <br />6. The Board of Commissioners shall hold a public hearing to receive <br />comment on the propose bond issuance and the Clerk shall publish a notice <br />of such hearing within the required time frames. <br />7. The County Manager is hereby authorized to employ Robert M. Jessup, Jr, <br />of Chapel Hill, North Carolina, and Nexsen Pruet Jacobs & Pollard, LLP, <br />of Columbia, South Carolina, to represent Orange County as bond counsel <br />in the authorization and issuance of the proposed bonds. <br />Upon motion duly made and seconded, the foregoing Resolution was adopted by <br />the Board of Commissioners of Orange County, this the 16th day of November, 1999. <br />Ayes: <br />Noes: <br />