HomeMy WebLinkAboutRES-2016-069 Reimbursement Resolution for Capital Projects and Equipment RES-2016-069 7
Orange County -- Reimbursement Resolution for Capital Projects and Equipment
WHEREAS--
The 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 Manager and the Finance Officer have 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, construction and equipping of the public
assets and improvements described on Exhibit A.
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. The
financing may include more than one installment financing, and may include installment
financings with equipment vendors and installment financings that include the use of
limited obligation bonds.
The expected maximum amount of obligations to be issued or contracted for the
Project costs (not including allowances for reserves and financing costs) is approximately
$15,911,700 in the County Capital Fund, $789,722 in the Vehicle Replacement Fund,
$1,000,000 in the School Capital Fund, $662,717 in the Solid Waste Enterprise Fund, and
$2,800,000 in the Sportsplex Enterprise Fund, for a total of$21,164,139.
3. Funds for the early Project expenditures may come from the County's
General Fund, or any other County fund.
4. The County intends for the adoption of this resolution to be a declaration of
its official intent to reimburse itself from financing proceeds for Project cost
expenditures.
I certify as follows: that the foregoing resolution was properly adopted at a
meeting of the Board of Commissioners of Orange County, North Carolina; that this
meeting was properly called and held on �cr)M?` 4 L.Z / , 2016; that a quorum
was present and acting throughout this meeting; and that this resolution has not been
modified or amended, and remains in full effect as of today.
Dated this _ day of 2016.
[S p° Or"&Z -
Clerk, Board of Commissioners
tl 52 Orange County, North Carolina
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Exhibit A — Project Components
Project Component Estimated Cost ($)
Prior Year(s) Budgeted Projects:
Detention Facility design work (FY 2014-15 and FY 750,000
2015-16)
Conservation Easements acquisitions (FY 2015-16) 250,000
Parking Lot Improvements (FY 2015-16) 120,000
Planning & Agricultural Building (FY 2015-16) 300,000
River Park Development (FY 2015-16) 300,000
FY 2016-17 Budgeted Projects:
Seymour Senior Center renovations 990,000
Passmore Center renovations 550,000
Roofing Projects 194,700
Information Technology (infrastructure and software) 1,000,000
Detention Facility design, architectural, and
engineering costs 500,000
Facility Accessibility and Security Improvements 319,000
Generator Projects 375,000
Rogers Road sewer improvements 5,680,000
Affordable Housing land banking 1,000,000
EMS Substation construction 500,000
9-1-1 Center improvements 380,000
Communication Systems Improvements (radio 166,000
replacements for Emergency Services)
Blackwood Farm Park design work and improvements 1,140,000
Cedar Grove Park renovations 60,000
Conservation Easements acquisitions 500,000
Mountains to Sea Trail construction 153,000
River Park Development—Phase II 50,000
Little River Park—Phase II 50,000
Hollow Rock Nature Park 112,500
Fairview Park Access and Parking improvements 325,000
Parks and Recreation Facility Renovation and Repair 146,500
Total County Capital 15,911,700
Vehicle Replacements 789,722
School Capital—Improvements to Older Schools 1,000,000
Solid Waste—Equipment Replacement 562,717
Solid Waste—Planning for Alternative Waste 100,000
Disposal
Sportsplex—Field House construction 2,800,000
TOTAL 21,164,139