HomeMy WebLinkAboutRES-2008-018 Adoption of Reimbursement Resolution for Animal Services FacilityREIMBURSEMENT RESOLUTION -
ANIMAL SERVICES FACILITY PROJECT
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WHEREAS, the Manager has 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 Commissioaers of Orange County,
North Carolina, as follows:
Section 1. The project is the acquisition, construction and equipping of a
new animal services facility.
Section 2. The County intends to finance the project. The expected type
of financing (which is subject to .change) is installment financing pursuant to Section
160A-20 of the General Statutes. The expected maximum amount of bonds or other
obligations to be issued or contracted for the project is $8,000,000.
Section 3. The County intends that funds that have been advanced, or
may be advanced, from the County's general 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 this County's official intent to reimburse project expenditures from
financing proceeds.
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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 19, 2008, and that a quorum was present and acting throughout such meeting.
Such resolution remains in full effect as of today.
Dated this.-, day of February, 2008.
4 ° C Donna Baker
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t' ~~ ~u Clerk Board of Commissioners
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