§ 17-378. Findings.

The board of county commissioners hereby finds and determines that:

(1)

The county, from time to time, enters into lease-purchase agreements for various equipment, motor vehicles, furnishings and other personal property for use by the county.

(2)

The most efficient and cost-effective method of financing such lease-purchase agreements is by the issuance of obligations which result in interest payable as part of the lease payments thereunder being treated as tax-exempt for federal income taxation purposes. Such tax-exempt treatment of interest on lease payments will result in savings to the county.

(3)

Lease payments shall be payable from legally available non-ad valorem revenues of the county during such time as a lease is in effect. The county may, at its option, terminate a lease prior to each fiscal year. The county shall never be required to use any ad valorem taxes for the payment of lease obligations.

(Code 1965, § 1-102; Ord. No. 90-2, § 2, 2-19-90)