Loading...
HomeMy WebLinkAboutRES-2012-006 Resolution for the advancement and the reimbursement of funds for the construction of the Chapel Hill Carrboro City Schools Elementary School #11 RES-2012-006 1-24-2012 5j BERNAD //t PELISSIER,CHAIR ORANGE COUNTY BOARD OF COMMISSIONERS CO M MISSIONERS PAM HEMMINGER, VICE CHAIR POST' OFFICE Box 8181 - r r,RJ VALERIE P.FOUSHEE lI _ Jz ALICE M.GORDON 200 SOUTH CAMERON STREET - :<\ • BARRY JACOBS ��� EARL MCKEE HILLSBOROUGH, NORTH -CAROLINA 27278 STEVE YUHASZ 4:2 .0" aats•• 0, CLERK'S CERTIFICATION NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners that this resolution is effective upon approval. Upon motion of Commissioner Hemminger, seconded by Commissioner McKee, the foregoing resolution was adopted this the 24th day of January, 2012. I, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so much of the proceedings of said Board at a meeting held on January 24, 2012, as relates in any way to the adoption of the foregoing and that said proceedings are recorded in Minute Book No. of the minutes of said Board. WITNESS my hand and the seal of said County, the , 5 day of , 12. Donna S. Baker Clerk to the Board SyQt� 1 it 1c a r www.Co.orange.nc.us • Protecting and preserving—People, Resources, Quality of Life Orange County, North Carolina—You Count! (919)245-2130• FAX(919)644-0246 - REIMBURSEMENT RESOLUTION -- Chapel Hill—Carrboro Elementary School #11 Project WHEREAS-- The County has made a preliminary determination to proceed with the acquisition, construction and financing of a new elementary school (referred to as `Elementary #11") for the Chapel Hill — Carrboro city school district. The County intends to advance its own funds to pay some of the project costs, and then reimburse itself from financing proceeds for these early expenditures. The Finance Officer has advised the Board that it is desirable for the Board to adopt a resolution to document the County's plans, in order to comply with certain federal tax rules related to this type of reimbursement. BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: Section 1. The County intends to pay some of the costs of the acquisition and construction of Elementary #11 from the County's own funds prior to obtaining financing for the project. Section 2. The County intends to finance the project. The expected type of financing (which is subject to change) is installment financing under Section 160A-20 of the General Statutes, including the use of limited obligation bonds or certificates of participation. The estimated maximum amount of bonds or other obligations to be issued or contracted for the project (including allowances for reserves and financing costs) is approximately $21,400,000. The approximate amount for which the County expects to seek reimbursement is $2,100,000. In addition, the County expects that The Board of Education for The Chapel Hill — Carrboro City Schools will spend funds on project costs prior to the closing on the financing. The County intends to use financing proceeds to reimburse the School Board for these project expenditures. The approximate amount that the County expects the School Board to expend before the closing, and for which the School Board will be reimbursed, is $2,100,000. Section 3. The County intends that funds that have- been advanced, or may be advanced, from the general fund, the school capital 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, whether made by the County or the School Board, from financing proceeds.