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4. The County of Lee's debt management procedures and policies are good <br />because the County follows the guidelines of debt management set forth in <br />the Local Government Budget and Fiscal Control Act, and previous audits <br />show the County has carried out its debt management policies in strict <br />compliance with the law. <br />5. The increase in taxes necessary to meet the sums to fall due under the <br />proposed contract will be zero cents per $100 valuation and is not deemed <br />to be excessive. <br />6. The County of Lee is not in default in any of its debt service obligations. <br />7. The Attorney for the County of Lee will render an opinion that the <br />proposed project is authorized by law and is a purpose for which public <br />funds may be expended pursuant to the Constitution and laws of North <br />Carolina. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED that the County Manager <br />is hereby authorized to act on behalf of County of Lee in filing an application with the <br />North Carolina Local Government Commission for approval of the Project and to execute <br />the proposed financing contract and take other actions not inconsistent with this <br />resolution. <br />This resolution is effective upon is adoption this 16th day of July, 2012. <br />The motion to adopt this resolution was made by Commissioner (� a h� and <br />passed by a •vim€ <br />2 <br />Lin a A. Shook, Chairman <br />Lee County Board of Commissioners <br />ATTEST: <br />v <br />I — V aytIll M. Lee, Clerk <br />