HomeMy WebLinkAboutRES-2015-060 Resolution for Reimbursement for 2015-16 Vehicle Acqusition Program 7 aDl�
RES-2015-060 )b
Reimbursement Resolution for 2015-16 Vehicle Acquisition Program
WHEREAS--
Orange County intends to undertake a Project (as described below), use its own funds
to pay initial Project costs, and then reimburse itself from financing proceeds for these early
expenditures. The Finance Officer has advised the Board that it should adopt this resolution to
document the County's plans for reimbursement, in order to comply with certain federal tax
rules relating to reimbursement from financing proceeds.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. The Project is the acquisition of vehicles for County use, as part of the County's
2015-16 fiscal year capital investment program previously approved by the Board.
2. The County intends to advance funds for initial Project costs, and then
reimburse itself from financing proceeds. The expected primary type of financing for the
Project (which is subject to change) is installment financing under Section 160A-20,
including the possible use of limited obligation bonds. The expected maximum amount of
bonds or other obligations to be issued or contracted for the Project is approximately
$794,000. The County may combine financing for this Project with financing for other
County improvements and undertakings.
3. Funds for the early Project expenditures will come from the County's General
Fund.
4. The County intends for the adoption of this resolution to be a declaration of its
official intent to reimburse itself from financing proceeds for Project cost expenditures.
NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commi sinners that
this resolution is effective up approval. Upon motion of Commissioner
seconded by Commissioner , the foregoing resolution was adopted thil the
day of N \j S 2015.
1, 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 0 N . t"1 , 2015, 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.
W SS my hand and the seal of said County, the day f AIN . , 2015.
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• Dona S. Baker
1 p Clerk to the Board
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