HomeMy WebLinkAboutRES-2008-030 Adoption of Reimbursement Resolution for the Office Building and Library'~~„~-02'~~ D 3 a
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REIMBURSEMENT RESOLUTION -
THE OFFICE BUILDING AND LIBRARY PROJECT
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 fmancing.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as follows:
Section 1. The project is the acquisition, construction and equipping of a
new County office building and library as outlined in an Agreement for Purchase and
Sale of the Office Building and the Library approved by the Boazd of County
Commissioners on January 15, 2008.
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 $17,939,079.
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 declazation 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
Boazd of Commissioners of Orange County, North Cazolina, duly called and held on
April 15, 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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Donnpa Baker
Clerk, Boazd of Commissioners
Orange County, North Cazolina