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BK 0028 PG 0481 <br />(d) It is in the best interest of the County to enter into the Trust Agreement and the Deed <br />of Trust in that such plan of finance will result in providing financing for the Project in an <br />efficient and cost effective manner. <br />(e) Entering into the Trust Agreement is preferable to a general obligation bond and <br />revenue bond issue in that (i) the County does not have sufficient constitutional authority to issue ` <br />non -voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina <br />Constitution because the County has not retired a sufficient amount of debt in the preceding <br />fiscal year to issue a sufficient amount of general obligation bonds for the Project without an <br />election; (ii) the non -revenue producing nature of the Project does not allow for the issuance of <br />revenue bonds to finance the Project; (iii) the cost of the Project exceeds the amount to be <br />prudently provided from currently available appropriations and unappropriated fund balances; <br />(iv) the financing of the Project in the manner proposed will allow for commencement of <br />construction of the Project in a more timely and expedient manner than the issuing of voted <br />general obligation bonds due to the time required for holding a referendum for the issuance of <br />voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina <br />Constitution; and (v) the necessity of the Project dictates that the Project be financed by a ; <br />method that assures that the Project will be constructed in an expedient manner. <br />(f) Based upon information provided to the Board, the cost of the financing described i <br />above is reasonably comparable to the cost associated with other alternative means of financing <br />and is acceptable to the Board. <br />(g) 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 />4 <br />