1993 - 01-19-93 Regular Meeting - Laserfiche WebLink

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EOOK 15 2 1 101 4.• The County of Lee's de anagement procedures and policies ar d because the County 10 follows the guidelines of debt management set forth in the Local Government Budget and Fiscal Control Act, and previous audits show the County has carried out its debt management policies in strict compliance with the law. 5. The increase in taxes necessary to meet the sums to fall due under the proposed contract will be zero (0) cents per $100 valuation and is not deemed to be excessive. The County will be absorbing the debt payment within its existing budget by using funds already allocated for other capital projects and are financed by recurring sources of revenue (Sales "Tax). 6. The County of Lee is not in default in any of its debt service obligations. 7. The attorney for the County of Lee has rendered an opinion that the proposed project is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and Laws of North Carolina. NOW, THEREFORE, BE IT FURTHER RESOLVED that the County Manager is hereby authorized to act on behalf of the County of Lee in filing an application with the North Carolina Local Government Commission for approval of the project and the proposed financing contract and other actions not inconsistent with this resolution. This resolution is effective upon its adoption this 19 th day of Jan. , 1993. The motion to adopt this resolution was made by Cormnissioner_EaschaI , seconded by Commissioner N/A and passed by a vote of 7 tt/o~~ 0 ~'44?k-chairman ATTEST: - C rk o The Board NO - CAROUNA. LEE C XJT Y~ ~ Mew D+ Au,/~ 1 recorded In Gook Nellie W 1T018ee. ROOM W of Deed!