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that the Project be financed by a method that assures that the Project will be constructed in an <br />expedient manner. <br />(i) It has been determined by the Board that the cost of financing the Project through an <br />installment financing agreement is reasonably comparable to the costs of issuing general <br />obligation bonds or notes or other methods of financing and is acceptable to the Board. <br />0) 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 />(k) The debt management policies of the County have been carved out in strict <br />compliance with law, and the County is not in default under any obligation for repayment of <br />borrowed money. <br />• (1) No tax rate increase is expected to be necessary to pay the Installment Payments due <br />under the Agreement. <br />Section 2. The Board hereby authorizes and approves the filing of an application with the <br />Local Government Commission for approval of the Agreement and requests the Local <br />Government Commission to approve the Agreement and the proposed financing in connection <br />therewith. <br />Section 3. This resolution shall take effect immediately upon its passage. <br />Upon motion of Commissioner Robert Reives , the foregoing resolution was <br />adopted by the following vote: <br />.. . • ...0 .. C .. .... <br />• Noes: N/A <br />Abstain: Dalrymple <br />R <br />