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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. This resolution shall become effective upon adoption. <br />Adoption certification: I hereby certify that this is a true and .correct copy <br />of the Resolution entitled, "Establishment of the County Capital Reserve <br />Fund" as adopted by the Board of County Commissioners of Orange <br />County, North Carolina, on the day of , <br />2010. <br />WITNESS my hand and the official seal of, this the day of <br />. 2010. <br />Seal: <br />.~~ <br />7 <br />Clerk to the Board of County Commissioners <br />