HomeMy WebLinkAboutRES-2008-06- Reimbursement Resolution Affordable Housing Projects~ij-Q-
REIMBURSEMENT RESOLUTION - ~ ' ~ ~ ` o2do ~
AFFORDABLE HOUSING PROJECTS
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
housing for the benefit of persons of low and moderate income.
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 $1,400,000.
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 2008, and that a quorum was present and acting
throughout sucl meeting. Such resolution remains in full effect as of today.
~ of I , 2008.
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D nna Baker
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Clerk, Board of Commissioners
Orange County, North Carolina