Orange County NC Website
Browse       Search
REVISED Resolution for 9f5 — 2• o 10 — 041 <br />Item 4 -m — 5/18/10 BOCC Meeting <br />ORANGE COUNTY BOARD OF COMMISSIONERS <br />Resolution <br />Establishment <br />of the <br />County Capital Reserve Fund <br />WHEREAS, there is a need in Orange County, North Carolina to <br />accumulate funds for future County Capital needs; <br />NOW, THEREFORE, BE IT RESOLVED BY THE ORANGE COUNTY <br />BOARD OF COMMISSIONERS THAT: <br />Section 1. The Governing Board hereby creates a Capital Reserve Fund <br />for the purpose of funding future County capital needs. <br />Section 2. The fund will remain operational until such time as it is no <br />longer needed. <br />Section 3. The County Capital Reserve Fund will be funded by: <br />• Pay as you go funds (i.e. property tax, sales tax) <br />• General Obligation Bonds <br />• Alternative Financing <br />• Other revenue sources the Board of Commissioners chooses to <br />dedicate. <br />Section 4. The Board of County Commissioners may designate funds to <br />be reserved for a specific future project that will be tracked individually, <br />until the funds are appropriated for a specific capital project in the <br />County Capital Projects Fund. From time to time, the Board will <br />designate specific projects within the reserve fund, and those funds that <br />are allocated are obligated by the Board to be reserved for those <br />projects and those projects only. <br />Section 5. This resolution shall become effective upon adoption. <br />