HomeMy WebLinkAboutAgenda - 08-19-2008- 4ooORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: August 19, 2008
Action Agen a
Item No. ~p~
SUBJECT: Reimbursement Resolution for Parks and Open Space
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No
ATTACHMENT(S):
Resolution
INFORMATION CONTACT:
Gary Humphreys, 245-2453
Robert Jessup, 919-755-1800
PURPOSE: To approve a resolution providing for reimbursement of capital expenses for Parks
and Open Space.
BACKGROUND: In 2001, the voters approved the issuance of $20 million of Parks and Open
Space General Obligation debt to be used for capital costs related to Parks and Open Space.
The County has issued $14.5 million of this debt. County staff is planning to ask the Board to
authorize the moving forward with the issuance of $5.5 million of Affordable Housing debt to
occur early in calendar year 2009. The use of previously issued debt proceeds on the various
parks and open space projects is proceeding at a pace such that the existing debt proceeds will
be exhausted before the issuance of the additional $5.5 million in debt. In order to allow the
County to reimburse itself from the proceeds of this future issuance, it is necessary to adopt the
attached resolution prepared by the County's bond counsel.
FINANCIAL IMPACT: There is no fiscal impact associated with approval of this reimbursement
resolution.
RECOMMENDATION(S): The Manager recommends that the Board approve the
reimbursement resolution.
2
REIMBURSEMENT RESOLUTION --
PARKS, RECREATION AND OPEN SPACE PROJECTS
WHEREAS, the Manager has described to the Board the desirability of
adopting a resolution, as provided under federal tax law, to facilitate the County's using
proceeds of tax-exempt financing to restore the County's funds when the County makes
capital expenditures prior to closing on the financing.
BE IT RESOLVED by the Board of Commissioners of Orange County,
North Carolina, as follows:
Section 1. The project is the payment of capital costs of providing parks,
open space and recreational facilities.
Section 2. The County intends to finance the project. The expected type
of financing (which is subject to change) is the general obligation bonds approved at the
County's 2001 bond referendum, or in the alternative installment financing pursuant to
160A-20 of the General Statutes. The expected maximum amount of bonds or other
obligations to be issued or contracted for the project is $5,500,000.
Section 3. The County intends that funds that have been advanced, or
may be advanced, from the County's general fund for project costs will be reimbursed
from the financing proceeds.
Section 4. The County intends that the adoption of this resolution will be
a declaration of this County's official intent to reimburse project expenditures from
financing proceeds.
* ~ ~ * ~ * ~
I certify that the foregoing resolution was duly adopted at a meeting of the
Board of Commissioners of Orange County, North Carolina, duly called and held on
2008, and that a quorum was present and acting throughout such
meeting. Such resolution remains in full effect as of today.
Dated this day of , 2008.
[SEAL]
Donna Baker
Clerk, Board of Commissioners
Orange County, North Carolina