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public facilities and related improvements and costs (collectively the "Projects "), and under <br />said one or more installment financing contracts the County would secure the repayment by <br />the County of the moneys advanced pursuant to such one or more installment financing <br />contracts by granting a security interest in and lien on all or some portion of the Projects <br />and /or in all or some portion of the real property on which the Projects are located; <br />WHEREAS, as part of said proposed plan of refinancing, the Corporation may execute <br />and deliver one or more series of Limited Obligation Bonds and /or Certificates of <br />Participation in said one or more installment financing contracts in an aggregate principal <br />amount not exceeding $211,615,000 to finance the advancement of moneys to the County <br />pursuant to said one or more installment financing contracts between the County and the <br />Corporation; and <br />WHEREAS, North Carolina General Statutes 160A -20, as amended, requires that the <br />Board of Commissioners must hold a public hearing concerning the one or more installment <br />financing contracts and the transactions contemplated thereby and associated therewith, with <br />notice of said public hearing to be published once at least 10 days before the date of the public <br />hearing; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as <br />follows: <br />Section 1. The Board of Commissioners hereby finds and confirms that (i) the <br />refinancing of the one or more prior installment financing contracts and the Projects by one or <br />more installment financing contracts is necessary and expedient for the County; (ii) the <br />refinancing of the one or more prior installment financing contracts and the Projects by one or <br />more installment financing contracts, under the circumstances, is preferable to a bond issue by <br />the County; (iii) the sums to fall due under said one or more installment financing contracts <br />are adequate and not excessive for their proposed purpose; (iv) the County's debt management <br />procedures and policies are good and its debt will continue to be managed in strict compliance <br />with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under said <br />one or more installment financing contracts will not be excessive; and (vi) the County is not in <br />default regarding any of its debt service obligations. <br />4 <br />F -10 <br />Attachment number 1 <br />Page 156 <br />