HomeMy WebLinkAboutRES-2009-065 Reimbursement Resolution - Solid Waste Transfer Station ProjectA-N~ach,men-t~ ~- ~E. S - aoo~ - oc~s
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Reimbursement Resolution -- Solid Waste Transfer Station Proiect
WHEREAS, the Manager and the Finance Officer have described to the Board
the desirability of adopting a resolution, as provided under federal tax law, to facilitate
the County's using proceeds of tax-exempt financing to restore the County's funds when
the County makes capital expenditures prior to closing on the financing.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as follows:
Section 1. The project is site acquisition and development of a solid
waste transfer station.
Section 2. The County intends to fmance the project. The expected type
of financing (which is subject to change) is installment financing under Section 160A-20
of the General Statutes or special obligation revenue bonds under Chapter 159I of the
General Statutes. The currently expected maximum amount of bonds or other obligations
to be issued or contracted for the project is $6,000,000, although the total amount
ultimately financed for the project may be higher or lower.
Section 3. The County intends that funds that have been advanced, or
may be advanced, from the County's general fund, the solid waste enterprise fund or any
other County fund for project costs will be reimbursed from the financing proceeds.
Section 4. 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.
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 September 15,
2009, and that a quorum was present and acting throughout such meeting. Such resolution
remains in full effect as of today.
Dated this day of September, 2009.
[SEAL]
Donna S. Baker
Clerk, Board of Commissioners
Orange County, North Carolina