HomeMy WebLinkAboutRES-2004-042 Reimbursement Resolution – Public Facilitiesl~~-G~_ ZUU~ g
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REIlVIBURSEMENT RESOLUTION -PUBLIC FACILITIES
WHEREAS, Federal tax rules require this Board to adopt an
appropriate resolution to facilitate the County's using financing proceeds to
restore the County's funds when the unit makes capital expenditures prior to
closing on a bond issue or other financing;
BE IT RESOLVED by the Board of Commissioners of Orange
County, North Carolina, as follows:
Section 1. The project is providing public buildings,
including costs of acquisition, construction, renovation and other capital
costs, including the possible acquisition of land for public buildings
Section 2. -The project is to be financed. The currently .
expected type of financing (which is subject to change) is general obligation
bonds. The currently expected maximum amount of bonds or other
obligations to be issued or contracted for the project is $3,900,000.
Section 3. Funds that have been advanced, . or may be
advanced, from the County's General Fund for project costs are intended to
be reimbursed from the financing proceeds.
Section 4. The adoption of this resolution is intended. as a
declaration of this unit's official intent to reimburse project expenditures
from financing proceeds.