Laserfiche WebLink
nos 15 p„rc 19 <br />water plant. The cost assod with securing this financing will be 1 n $20,000, and the <br />financing charge is $581,137.92. <br />4. The County of Lee's debt management procedures and policies are good because the County <br />follows the guidelines of debt management set forth in the Local Government Budget and Fiscal <br />Control Act, and previous audits show the County has carried out its debt management policies in <br />strict compliance with the law. <br />5. The County will be using revenues generated from the use of water at the Plant will not need to <br />raise property taxes to cover the debt expense. <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 proposed project is <br />authorized by law and is a purpose for which public funds may be expended pursuant to the <br />Constitution and Laws of North Carolina. <br />8. The probable net revenues of the project to be financed will be sufficient to meet the sums to <br />fall due under the proposed contract. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED that the CountyManager is hereby <br />authorized to act on behalf of the County of Lee in filing an application with the North Carolina <br />Local Government Commission for approval of the project and the proposed financing contract <br />and other actions not inconsistent with this resolution. <br />This resolution is effective upon its adoption this19 th day of Jan. 1993 <br />The motion to adopt this resolution was made by Commissioner Da ~hseconded by <br />Commissioner h lA. and passed by a vote of _7 to _0 <br />d~S~Aj "1 _ airman <br />ATTEST: <br />CC1 oee &J <br />7 The Bo <br />ard <br />