HomeMy WebLinkAboutRES-2008-028a Landfill Compactor for Orange Co Landfill Reimbursement Resolution~/~
REIMBURSEMENT RESOLUTION -
LANDFILL COMPACTOR
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 Commissioners of Orange County,
North Carolina, as follows:
Section 1. The project is the acquisition of a new landfill compactor.
Section 2. The County intends to finance the acquisition.. 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 purchase is $645,225.
Section 3. The County intends that funds that have been advanced, or
may be advanced, from the County's solid waste enterprise 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
April 1, 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 April, 2008.
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Donna Baker
Clerk, Board of Commissioners
Orange County, North Carolina