RES-2008-057 Reimbursement Resolution for Affordable Housing Bonds

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2 REIIVIBURSEMENT RESOLUTION - AFFORDABLE HOUSING PROJECTS ~'' ~ ~ "d ~` 'y ~ ~ WHEREAS, the Manager has described to the Boazd 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 housing for the benefit of persons of low and moderate income. 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 $1,400,000. 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 Boazd f Commissioners of Orange County, North Cazolina, duly called and held on t , 2008, and that a quorum was present and acting throughout such meeting. Such resolution remains in full effect as of today. ~D~ted~us,, ~ ~1 day of , 2008. ~. ,, ~,~ .. [SEAL] '~, y Donna Baker y' Clerk, Boazd of Commissioners ~:,' ,~ `~ ~~; 2 Orange County, North Cazolma `tiM1. . `~?, is ~q~-°.