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existing require that funds be available to commence acquisition and construction of the Project <br /> as soon as practicable and the time required for holding an election for the issuance of voted <br /> general obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution and <br /> the Local Government Bond Act will delay the commencement of acquisition and construction <br /> of the Project by several months; and (v) there can be no assurances that the Project would be <br /> approved by the voters and the necessity of such Project dictates that the Project be financed by a <br /> method that assures that such Project will be acquired and constructed in an expedient manner. <br /> (h) It has been determined by the Board that the financing of the Project through the <br /> Agreement is reasonably comparable to the costs of issuing general obligation bonds or notes or <br /> other available methods of financing and is acceptable to the Board. <br /> (i) Counsel to the County will render an opinion to the effect that the proposed <br /> Agreement is authorized by law and is a purpose for which public funds may be expended <br /> pursuant to the Constitution and laws of the State of North Carolina. <br /> (j) 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 /> (k) No tax rate increase is expected to be necessary to pay the Installment Payments <br /> under the Agreement. <br /> Section 2. The proposal of the Lender to provide financing through the Agreement for <br /> the purpose of providing funds, together with any other available funds, to pay the costs of the <br /> Project and associated financing costs is hereby accepted, subject to further approval of the <br /> particular documentation related thereto by the Board. The County Manager and the Finance <br /> Director of the County are each hereby authorized and directed to execute and deliver such <br /> 4 <br />