Resolution - 5/08 - Support of QZAB School Financing

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• (b) The proposed installment financing is preferable to a bond issue for the same purposes. These projects are for discrete facilities and are for relatively small amounts. These projects therefore lend themselves to installment financing, especially in light of the availability of low -cost QZAB financing, and are not particularly suitable for voter - approval bond financing. The County has no meaningful ability to issue non -voted general obligation bonds for this project, and this project will produce no revenues that could be used to support a self - liquidating financing. (c) The estimated sums to fall due under the proposed financing contract are adequate and not excessive for the proposed purpose. (d) As confirmed to the Board at this meeting by the County's Finance Officer, (i) the County's debt management procedures and policies are sound and in compliance with law, and (ii) the County is not in default under any of its debt service obligations. (e) The County expects that there will be no increases in taxes necessary to meet debt obligations under the proposed financing arrangements. The County expects that the term of the financing, will allow the County to repay the financing within current resources. (f) The County Attorney is of the opinion that the proposed projects are authorized by law and are purposes for which public funds of the County may be expended pursuant to the Constitution and laws of North Carolina. • BE IT FURTHER RESOLVED as follows: (a) The Board will hold a public hearing on this matter. The County Manager is authorized and directed to set the date and time of the hearing, and the Clerk to this Board is authorized and directed to publish a notice of such public hearing in the manner provided for by law. (b) This resolution takes effect immediately. Adopted this the 5` day of May, 2008. Rdbert H. Brown, Chairman Board of Commissioners ATTEST: 4 ay r n' _ eITIM � Lee, Clerk 0