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Limited Obligation Bonds and/or Certificates of Participation, if any, and under said one or more short-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short-term installment financing contract(s) by granting a security interest in and lien on all or some portion of the Projects or all or some portion of the real property upon which the Projects are located; and WHEREAS, as required by North Carolina General Statutes §160A-20, the Board of Commissioners has heretofore held the public hearing concerning the one or more short-term installment financing contract(s) and the one or more long-term installment financing contract(s) to be executed and delivered by the County and the transactions contemplated thereby and associated therewith; 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 Projects and the financing thereof by one or more short-term contract(s) and one or more long-term contract(s) is necessary and expedient for the County; (ii) financing of the Projects by one or more short-term contract(s) and one or more long-term contract(s), under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under one or more short-term contract(s) and one or more long-term contract(s) are adequate and not excessive for their 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 one or more short-term contract(s) and one or more long-term contract(s) 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 foregoing and the proposed plan of financing, including without limitation filing one or more applications with the North Carolina Local Goverment Commission seeking approval of the plan of financing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more third parties regarding the one or more short-term installment financing contract(s) included in the proposed plan of financing, consideration and negotiation of proposals from one or more underwriters or one or more other third parties 4 Attachment number 1 \n G-2 Page 189