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BK -00027 PG -0986 <br />retired a sufficient amount of debt in the preceding fiscal year to issue a sufficient amount of <br />general obligation bonds for such purpose without an election; (iii) the nature of the project <br />being refinanced is such that it is not a "revenue bond project" within the meaning of The State <br />and Local Government Revenue Bond Act; (iv) the marketing conditions currently existing <br />require that funds be available to provide for the Contract as soon as practicable and the time <br />required for holding an election for the issuance of voted general obligation bonds pursuant to <br />Article V, Section 4 of the North Carolina Constitution and the Local Government Bond Act will <br />delay the Contract by several months; and (v) there can be no assurances that the issuance of <br />general obligation bonds for such purpose would be approved by the voters. <br />(h) Based upon information provided to the Board, the costs of the proposed refinancing <br />as described above is reasonably comparable to the costs associated with other alternative means <br />of financing and is acceptable to the Board. <br />(i) Special counsel to the County will render an opinion to the effect that the proposed <br />undertaking as described above is authorized by law and is a purpose for which public funds may <br />be expended pursuant to the Constitution and laws of the State of North Carolina. <br />0) The debt management policies of the County have been carried out in strict <br />compliance with law, and the County is not in default under any obligation for repayment of <br />borrowed money. <br />(k) No tax rate increase is expected in order to make the Installment Payments under the <br />Contract. <br />Section 2. The Board hereby authorizes, ratifies and approves the filing of an application <br />with the Local Government Commission for approval of the Contract and requests the Local <br />5 <br />