HomeMy WebLinkAboutRES-2017-009 Reimbursement Resolution Related to spending on affordable housing projects pending the issuance of the County's voter-approved bonds RES-2017-009 r1 L
Reimbursement Resolution-
Related to spending on affordable housing 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 related to providing housing for persons of low
and moderate income.
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 bonds approved by the voters on November 8,
2016. The expected maximum amount of bonds or other obligations to be issued or contracted for
the Project is$5,000,000,which is the amount of the voter-approved bonds.
3. Funds for the early Project expenditures may come from the County's General 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 Commissio e4te
this resolution is effective n approval. Upon motion of Commissioner
seconded Commissioner the foregoing resolution was adopted t
7day of 2017.
— I, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange,
North Carolina, DO HEREBY CERTIFY that the fo g ing is 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 proceedings are recorded in Minute Book No.
of the minutes of said Board.
WITNESS my hand and the seal of said County,the day of_U 017.
Donna S. Baker
52 Clerk to the Board
Or (Lazo