HomeMy WebLinkAboutRES-2017-008 Reimbursement Resolution Related to spending on school capital projects pending the issuance of the County's voter-approved bonds RES-2017-008 P114 c� _') -o�z 1
Reimbursement Resolution-
Related to spending on school capital projects
pending the issuance of the County's voter-approved bonds
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 capital improvements for public schools, both for the Chapel-Hill
Carrboro schools and the Orange County schools.
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 the County's general obligation school bonds approved by the voters on
November 8. The expected maximum amount of bonds or other obligations to be issued or
contracted for the Project is $120,000,000, which is the amount of the voter-approved school
bonds.
3. Funds for the early Project expenditures may come from the County's General Fund,
from the County's school capital fund,or from 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.
NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners
th t this resolution is effective upon app val. Upon motion of Commissioner
r ,
seconded by C ssii the foregoing resolution was
adopte this the day of=� 2017.
I, Donna Baker, Clerk to the Board of Commissioners for the County of
Orange, North Carolina, DO HEREBY CERTIFY that the forego i a true copy of so
much of the proceedings of said Board at a meeting held on _ 1 , 2017,
as relates in any way to the adoption of the foregoing and that said proceedin s ar
recorded in Minute Book No. of the minutes of said Board.
WITNESS my hand and the seal of said County, the Board
of ,
2017.
1?
Don ha S. Baker
$� Clerk to the Board
SEAL A
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$120 Million School Bond Projects
Item Project Amount
School Bonds Chapel Hill Carrboro City Schools:
Lincoln Center Campus Redevelopment 25,000,000
Chapel Hill High School Renovation 47,108,000
Chapel Hill Carrboro City Schools Total 72,108,000
Orange County Schools:
Roof Replacements:
AL Stanback Middle 1,527,950
Central Elementary 608,940
Cameron Park Elementary 577,347
Efland-Cheeks Global Elementary 350,821
Grady Brown Elementary 907,771
Hillsborough Elementary 175,000
Total 4,147,829
Mechanical Systems:
AL Stanback Middle 4,000,000
Central Elementary 1,638,200
Cameron Park Elementary 1,287,000
Elfand-Cheeks Global Elementary 2,034,000
Grady Brown Elementary 704,000
Hillsborough Elementary 458,233
New Hope Elementary 2,002,738
Orange High School 8,900,000
Total 21,024,171
Classroom Wing Addition:
Cedar Ridge High School 11,400,000
Total 11,400,000
Replace Windows:
Grady Brown Elementary 220,000
Total 220,000
Hazardous Materials Remediation:
Grady Brown Elementary 500,000
Total 500,000
Replace Transportation Facility:
Joint Project with CHCCS 5,000,000
Total 5,000,000
Implementation of School Safety Initiatives:
District Wide 2,500,000
Total 2,500,000
Acquisition:
Existing Charter School Facility 3,100,000
Total 3,100,000
Orange County Schools Total 47,892,000
School Bond Projects Total 120,000,000