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010 <br />BUN i.7 vnG: 79:` <br />financial institution will enable Lee County to avoid the normal fees such <br />as an election fee, bond rating, bond counsel, local government <br />commission fees, etc., which are typically associated with general <br />obligation or revenue bonds. <br />3. The sums to fall due under this contract are adequate and not excessive for <br />the proposed purpose because the amount of funds borrowed is relatively <br />small. The cost associated with securing this financing will be less than <br />$10,000 and the financing charge is $340,653.57 <br />4. The County of Lee's debt management procedures and policies are good <br />because the County follows the guidelines of debt management set forth in <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 the 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 its adoption this 26th day of July, 1999. <br />The motion to adopt this resolution was made by Commissioner <br />Robert Reives and passed by a vote of 7 to 11 <br />Herbert A. Hincks, Chairman <br />Lee County Board of Commissioners <br />ATTE T: <br />ayn Il . Lee, Clerk <br />10i CAROLINA, LEE CCUKTY - <br />P Seot:d for registra)ionpn. the me Pv <br />reco~Cai 6^okPage IL-I ie W. Thomas, Register of Deeft~, <br />