§ 17-402. 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, land, motor vehicles, buildings, furnishings and other property for use by the county.

(2)

The most efficient and cost effective method of funding 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.

(3)

Lease payments shall be payable from available 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, except as otherwise provided herein.

(Ord. No. 90-28, § 2, 12-3-90)