Laserfiche WebLink
acquiring real property, constructing new public school facilities and acquiring equipment related <br />thereto (collectively the "Project"), and under said installment financing contract the County <br />would secure the repayment by the County of the moneys advanced pursuant to such contract by <br />granting a security interest in and lien on all or a portion of the Project; <br /> <br /> WHEREAS, as part of said proposed plan of financing, the Corporation will issue <br />Installment Payment Revenue Bonds in an aggregate principal amount not exceeding <br />$40,000,000 to finance the advancement of moneys to the County pursuant to the installment <br />financing contract between the County and the Corporation; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br /> <br /> Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project <br />and the financing thereof by the Contract is necessary and expedient for the County; (ii) <br />financing of the Project by the Contract, under the cimumstances, is preferable to a bond issue by <br />the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its <br />proposed purpose; (iv) the County's debt management procedures and policies are good and its <br />debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, <br />necessary to meet the sums to fall due under the Contract will not be excessive; and (vi) the <br />County is not in default regarding any of its debt service obligations. <br /> <br /> Section 2. The appropriate officers of the County are hereby authorized and directed to <br />do any and all things necessary, appropriate or convenient to effectuate the proposed plan of <br />financing, including without limitation filing an application with the North Carolina Local <br />Government Commission seeking approval of the plan of financing, the publication of any <br />required notices related thereto, consideration and negotiation of proposals from one or more <br />underwriters regarding the proposed plan of financing and the consideration and negotiation of <br />the terms of the proposed plan of financing the relevant legal documentation. <br /> <br />Section 3. This Resolution shall become effective immediately upon its adoption. <br /> <br />D~. No: 344456.1 <br /> <br />2 <br /> <br /> <br />