HomeMy WebLinkAboutRES-2010-041 Resolution - Establishment of the County Capital Reserve Fund
ORANGE COUNTY BOARD OF COMMISSIONERS
Resolution
Establishment
of the
County Capital Reserve Fund
WHEREAS, there is a need in Orange County, North Carolina to
accumulate funds for future County Capital needs;
NOW, THEREFORE, BE IT RESOLVED BY THE ORANGE COUNTY
BOARD OF COMMISSIONERS THAT:
Section 1. The Governing Board hereby creates a Capital Reserve Fund
for the purpose of funding future County capital needs.
Section 2. The fund will remain operational until such time as it is no
longer needed.
Section 3. The County Capital Reserve Fund will be funded by:
• Pay as you go funds (i.e. property tax, sales tax)
• General Obligation Bonds
• Alternative Financing
• Other revenue sources the Board of Commissioners chooses to
dedicate.
Section 4. The Board of County Commissioners may designate funds to
be reserved for a specific future project that will be tracked individually,
until the funds are appropriated for a specific capital project in the
County Capital Projects Fund. From time to time, the Board will
designate specific projects within the reserve fund, and those funds that
are allocated are obligated by the Board to be reserved for those
projects and those projects only.
Section 5. This resolution shall become effective upon adoption.
Adoption certification: I hereby certify that this is a true and correct copy
of the Resolution entitled, "Establishment of the County Capital Reserve
Fund" as adopted by the Board of Cou t Commissioner of Orange
County, North Carolina, on the ~ day of ,
2010. -
WITNESS,~ny hand and the official seal of, this the _,~~ day of
1!( ,- .2010.
Clerk to the Board of County Commissioners