HomeMy WebLinkAboutRES-2000-057 Resolution of Reimbursement Authorizing Property Purchase and Pursuing Financing and Renovation Efforts at 228 South Churton Street 4
REIMBURSEMENT RESOLUTION—
BUILDING 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
financing proceeds to restore the County's funds when the County 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 the acquisition of a building for offices of the Department
of Purchasing and Central Services at 228 S. Churton Street, Hillsborough, NC.
Section 2. The project is to be financed. The currently expected type of financing
(which is subject to change) is installment financing pursuant to Section 160A-20 of the
General Statutes. The currently expected maximum amount of obligations to be issued or
contracted for the project is $296,000.
Section 3. The County intends that funds advanced, or which may be advanced,
from the County's General Fund for costs of this project are to be reimbursed from the
financing proceeds.
Section 4. The adoption of this resolution is intended as a declaration of this
County's official intent to reimburse project expenditures from financing proceeds.
I hereby 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 June
29, 2000, and that a quorum was present and acting throughout such meeting. Such
resolution remains in full effect as of today.
Dated this day of 112000.
[SEAL]
Beverly A. Blythe
Clerk, Board of Commissioners
Orange County, North Carolina