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A motion was made by Commissioner Nelson, seconded by Commissioner Jacobs to <br /> authorize staff to proceed with plans to issue debt in April 2009 by approval of the attached <br /> resolution. <br /> RESOLUTION MAKING A PRELIMINARY DETERMINATION <br /> TO PROCEED WITH 2009 ALTERNATIVE FINANCING <br /> WHEREAS, the Board of Commissioners of Orange County has previously determined to <br /> undertake the acquisition and construction of various projects, as described below. In addition, <br /> the Board has previously determined to finance costs for these projects by the use of an <br /> installment financing, as authorized under Section 160A-20 of the North Carolina General <br /> Statutes. <br /> County staff has advised the Board that it would be desirable for the Board to adopt this <br /> resolution making a preliminary determination to proceed with the financing, and taking <br /> appropriate related action. <br /> Be it resolved by the Board of Commissioners of Orange County, North Carolina, as <br /> follows: <br /> 1. The County makes a preliminary determination to finance project costs, as follows: <br /> Component Estimated Maximum Amount ($) <br /> County campus and library development 25,000,000 <br /> Parks and open space projects 5,500,000 <br /> Affordable housing projects 1,400,000 <br /> Tax System 1,500,000 <br /> Solid waste equipment 217,000 <br /> The Board will determine the final list of projects to be financed, and the final amount of <br /> financing, by a later resolution. The total amount financed may reflect adjustments to <br /> the amounts listed above and may include amounts for financing costs. <br /> 2. The Finance Officer is authorized and directed to take all appropriate steps toward <br /> the completion of the financing, including (a) completing an application to the LGC <br /> for its approval of the proposed financing, and (b) soliciting one or more proposals <br /> from financial institutions to provide the financing. <br /> 3. The County intends that the adoption of this resolution will be a declaration of the <br /> County's official intent to reimburse project expenditures from financing proceeds. <br /> The County intends that funds that have been advanced for project costs, or which <br /> may be so advanced, from the County's general fund, or any other County fund, <br /> may be reimbursed from the financing proceeds. <br /> 4. The Board will hold a public hearing on this matter. The County Manager is <br /> authorized and directed to set the date and time of the hearing, and the Clerk to this <br /> Board is authorized and directed to publish a notice of such public hearing in the <br /> manner provided for by law. <br /> 5. This resolution takes effect immediately. <br /> VOTE: UNANIMOUS <br />