HomeMy WebLinkAboutRES-1997-056 Reimbursement Resolution - School Construction Project ORANGE COUNTY BOARD OF COMMISSIONERS �G
REIMBURSEMENT RESOLUTION--
SCHOOL CONSTRUCTION PROJECTS
WHEREAS, the County Manager 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
reimburse the County for capital expenditures on school construction projects made prior to closing
on a bond issue or other financing, and the Board desires to adopt such a resolution;
BE IT RESOLVED by the Board of Commissioners of Orange County, as follows:
Section 1. This reimbursement resolution is for school construction projects, including
construction of new school buildings,renovation of existing school buildings and the possible
acquisition of land.
Section 2. The projects are 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 projects is $47,000,000.
Section 3. Funds that have been advanced,or may be advanced, from the County's
General Fund or any designated school capital projects fund for project costs are intended to be
reimbursed from financing proceeds.
Section 4. The adoption of this resolution is intended as a declaration of the County's
official intent to reimburse project expenditures from financing proceeds.