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6GilC A F GF 14 <br />the Local Government Budget and Fiscal Control Act, and previous audits <br />show the County has carried out its debt management policies in strict <br />compliance with the law. <br />5. The increase in taxes necessary to meet the sums to fall due under the <br />proposed contract will be zero cents per $100 valuation and is not deemed <br />to be excessive. <br />6. The County of Lee is not in default in any of its debt service obligations. <br />7. The Attorney for the County of Lee has rendered an opinion that the <br />proposed project is authorized by law and is a purpose for which public <br />funds may be expended pursuant to the Constitution and laws of North <br />Carolina. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED that the County Manager <br />is hereby authorized to act on behalf of County of Lee in filing an application with the <br />North Carolina Local Government Commission for approval of the Project and the <br />proposed financing contract and other actions not inconsistent with this resolution. <br />This resolution is effective upon is adoption this 16th day of December, 2002. <br />The motion to adopt this resolution was made by Commissioner Lemmond and <br />passed by a vote of 7 to 0 <br />Herbert A. Hincks, Chairman <br />Lee County Board of Commissioners <br />ATTEST: <br />G,mincl M. Lce, Clerk <br />NORTH CAROLINA, LEE COUN <br />PrIP*ted for registration on the Z day <br />L of 20.03 at ' QO AM/PM <br />bad In Book[ Page <br />Nellie W. Thomas, Register of Deed. <br />