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BK 0029 PG 0482 <br />(h) 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 />(i) Any tax increase anticipated to be necessary to pay principal of and interest on the <br />Bonds will be reasonable. <br />Section 2. The Board hereby authorizes and approves the filing of an application with the <br />Local Government Commission for approval of the Bonds and the Trust Agreement and requests <br />the Local Government Commission to approve the Bonds and the Trust Agreement and the <br />proposed financing in connection therewith. <br />Section 3. This resolution shall take effect immediately upon its adoption. <br />Upon motion of Commissioner Sloan. the foregoing resolution entitled "RESOLUTION <br />MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE PROPOSED <br />FINANCING OF VARIOUS CAPITAL PROJECTS BY THE COUNTY OF LEE, NORTH <br />CAROLINA AND REQUESTING THE LOCAL GOVERNMENT COMMISSION TO <br />APPROVE THE FINANCING ARRANGEMENT" was adopted by the following vote: <br />Ayes: Chair Dalrymple Commissioners Knecht, Oldham Reives Sharpe and Sloan <br />Noes: <br />5 <br />