RES-2006-105 Resolution Authorizing Installment Financing Agreement for Equipment Purchases

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REIlVIBURSEMENT RESOLUTION -- EQUIPMENT ACQUISITION PROJECT WHEREAS, the Finance Officer 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: following: Section 1. The project is the acquisition of certain equipment, including the Caterpillaz 325DL Excavator at a total cost of $280,527.00 Caterpillaz Mode1730 Articulated Truck at a total cost of $346,043.00 33,200 18-gallon recycling bins at a total cost of $215,468.00 Section 2. The County intends to finance the project. The expected type of financing (which is subject to change) is installment financing under Section 160A-20 of the General Statutes. The expected maximum amount of bonds or other obligations to be issued or contracted for the project is $842;038. Section 3. The County intends that funds that have been advanced, or may be advanced, from the County's General Fund, or any other 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 December 12, 2006, and that a quorum was present and acting throughout such meeting. Such resolution remains in full effect as of today. Dated this ~~ day of December, 2006. ~~ 96887v1 ~~~ ~~ E. ~ ~~ ~~~~~~~ C1e44I'k, Board of Commissioners Orange County, North Carolina