HomeMy WebLinkAboutRES-2009-007 Resolution making a preliminary determination to proceed with 2009 alternative financing Resolution making a preliminary determination
to proceed with 2009 alternative financing
WHEREAS,
The Board of Commissioners of Orange County has previously determined
to undertake the acquisition and construction of various projects, as described
below. In addition, the Board has previously determined to finance costs for these
projects by the use of an installment financing, as authorized under Section 160A-
20 of the North Carolina General Statutes.
County staff has advised the Board that it would be desirable for the Board
to adopt this resolution making a preliminary determination to proceed with the
financing, and taking appropriate related action.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as follows:
1. The County makes a preliminary determination to finance project
costs, as follows:
Component Estimated Maximum Amount ($)
County campus and 25,000,000
library development
Parks and open space projects 5,500,000
Affordable housing projects 1,400,000
Tax System 1,500,000
Solid waste equipment 217,000
The Board will determine the final list of projects to be financed, and the
final amount of financing, by a later resolution. The total amount financed may
reflect adjustments to the amounts listed above and may include amounts for
financing costs.
2. The Finance Officer is authorized and directed to take all appropriate
steps toward the completion of the financing, including (a) completing an
application to the LGC for its approval of the proposed financing, and (b) soliciting
one or more proposals from financial institutions to provide the financing.
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3. The County intends that the adoption of this resolution will be a
declaration of the County's official intent to reimburse project expenditures from
financing proceeds. The County intends that funds that have been advanced for
project costs, or which may be so advanced, from the County's general fund, or
any other County fund, may be reimbursed from the financing proceeds.
4. The Board will hold a public hearing on this matter. The County
Manager is authorized and directed to set the date and time of the hearing, and the
Clerk to this Board is authorized and directed to publish a notice of such public
hearing in the manner provided for by law.
5. This resolution takes effect immediately.
* * * * * * *
I certify that the foregoing resolution was duly adopted at a meeting of the
Board of Commissioners of Orange County, North Carolina, duly called and held
on February 3, 2009 and that a quorum was present and acting throughout such
meeting. Such resolution remains in full effect as of today.
Dated this V day of t , 009.
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