HomeMy WebLinkAboutRES-2006-106 Reimbursement Resolution-Equipment Acquition Project~~S - ~a~ - lG~
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REIMBURSEMENT RESOLUTION -- EQUIPMENT ACQUISITION PROJECT
WHEREAS, the Finance Officer 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 of certain equipment, including the
following:
Caterpillar 325DL Excavator at a total cost of $280,527.00
Caterpillar Mode1730 Articulated Truck at a total cost of $346,043.00
33,200 18-gallon recycling bins at a total cost of $215,468.00
Section 2. The County intends to finance the project. The expected type of
financing (which is subject to change) is installment fmancing under 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 $842;038.
Section 3. The County intends that funds that have been advanced, or may be
advanced, from the County's General -Fund, or any other 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.
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 December 12, 2006,
and that a quorum was present and acting throughout such meeting. Such resolution remains in
full effect as of today.
Dated this ~ ~ day of December, 2006.
[SEAL]
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96887v1 17 ~~ ~ 52
Clerk, Board of Commissioners
Orange County, North Carolina
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