Minutes - April 16, 2012 Regular Meeting

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BK:00024 PG:0861 between the Corporation and First - Citizens Bank & Trust Company (succeeded by the Trustee), pursuant to which the Corporation will execute and deliver one or more certificates of participation evidencing proportionate and undivided interests in the right to receive the Installment Payments under the Contract. (f) It is in the best interest of the County to enter into the Contract in that such plan of refinancing will result in considerable debt service savings for the County. (g) Entering into the Contract is preferable to a general obligation bond and revenue bond issue in that (i) the obligation to be refinanced is an outstanding installment financing agreement; (ii) the County does not have sufficient authority to issue non -voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution because the County has not retired a sufficient amount of debt in the preceding fiscal year to issue a sufficient amount of general obligation bonds for such purpose without an election; (iii) the nature of the project being refinanced is such that it is not a "revenue bond project' within the meaning of The State and Local Government Revenue Bond Act; (iv) the marketing conditions currently existing require that funds be available to provide for the Agreement as soon as practicable and the time required for holding an election for the issuance of voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution and the Local Government Bond Act will delay the Contract by several months; and (v) there can be no assurances that the issuance of general obligation bonds for such purpose would be approved by the voters; (h) Based upon information provided to the Board, the costs of the proposed refinancing as described above is reasonably comparable to the costs associated with other alternative means of financing and is acceptable to the Board. 4