AG 2002 04 15 (Regular) - Laserfiche WebLink

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the County would secure the repayment by the County of the moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project; . WHEREAS, as part of said proposed plan of financing, 'the Corporation will execute and deliver one or more series of Certificates of Participation in the installment financing contract in an aggregate principal amount not exceeding $30,000,000 to finance the advancement of moneys to the County pursuant to the installment, financing contract between the County and the Corporation; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project and the fmancing thereof by the Contract is necessary and expedient for the County; (ii) financing of the Project by the Contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under the Contract will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to effectuate the proposed plan .of financing, including without limitation filing an application with the North Carolina Local Government Commission seeking approval of the plan of financing, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters regarding the proposed plan of financing and the consideration and negotiation of the terms of the proposed plan of financing the relevant legal documentation. Section 3. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner , seconded by Commissioner ., the foregoing resolution entitled "RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC IMPROVEMENT PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $30,000,000 AND THE Doc. No: 344456.1