2020 - 10 RESOLUTION - Making Certain Findings and Authorizing Filing of Application wiht LGC and Appointing Bond Counsel...5-18-20

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(b) The Board wishes to commence the procedures for the authorization of parks and recreational facilities bonds to finance such capital projects. (c) The capital projects to be funded by the proposed bonds are necessary and expedient, and the amount of proposed bonds is adequate and not excessive to fund said capital projects. (d) The debt management and the budgetary and fiscal management policies of the County have been carried out in compliance with applicable law. (e) The increase in taxes, if any, necessary to service the proposed debt will be reasonable and not excessive. Section 2. The County Manager and the Assistant County Manager/Finance Director of the County are each hereby authorized and directed to file an application of the County with the North Carolina Local Government Commission for approval of not to exceed $25,000,000 Parks and Recreation Bonds of the County. The Clerk to the Board is hereby authorized to publish a notice of intent to file such application in the manner provided by law, and any action heretofore taken to publish such notice is hereby approved, ratified and confirmed. Section 3. The law firm of Womble Bond Dickinson (US) LLP is hereby appointed to serve, but solely at the pleasure of the Board, as bond counsel to the County in connection with the authorization, sale and issuance of the proposed bonds. Section 4. Davenport & Company, LLC is hereby appointed to serve, but solely at the pleasure of the Board, as financial advisor to the County in connection with the authorization, sale and issuance of the proposed bonds. Section 5. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to carry into effect the provisions of this resolution. Section 6. This resolution shall take effect immediately upon its adoption. 2