HomeMy WebLinkAboutRES-2008-058 Reimbursement Resolution for Parks and Open Space~' ~,S-. ~oo~ - os~
REIlVIBURSEMENT RESOLUTION --
PARKS. RECREATION AND OPEN SPACE PROJECTS ~"~9'D~' `~o~
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 payment of capital costs of providing pazks,
open space and recreational facilities.
Section 2. The County intends to finance the project. The expected type
of financing (which is subject to change) is the general obligation bonds approved at the
County's 2001 bond referendum, or in the alternative installment financing pursuant to
160A-20 of the General Statutes. The expected maximum amount of bonds or other
obligations to be issued or contracted for the project is $5,500,000.
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
B and of Commissioners of Orange County, North Cazolina, duly called and held on
2008, and that a quorum was present and acting throughout such
mee g. Such resolution remains in full effect as of today.
day of
Clerk, Boazd of Commissioners
Orange County, North Cazolina