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�4 <br /> REIlVIBURSEMENT RESOLUTION-- <br /> AcQUisition and Construction of Elementarv School#21 <br /> WHEREAS-- I <br /> This Board has come to an agreexnent with the Orange County Board of Co�nmissioners on a <br /> plan for the acquisition, construction and financing of a new elementary school for the District,currentiy <br /> referred to as"Elementary#1l." This plaa calls for both the District and the Couniy to spend funds on <br /> hand for tlae project, vvith those funds to be reirnbursed from the proceeds of the County's financing for <br /> the project. <br /> The Board has been advised that pursuant to federaI tax rules for Iocal government fmancing, <br /> this Board shou[d adopt a resolution to state formally its plan to use financing proceeds to reimburse the <br /> District for expenditures on project costs made prior to�e County's closing on the fmancing. <br /> BE IT RESOLVED by The Board of Education for The Chapel Hill —Carrboro City <br /> Schools,as follows: <br /> Section 1. The Boatd of Educa.tion intends to pay some costs of the acquisition and <br /> canstruction of Elementary #i 1 from its own fiznds prior to the County's obtaining financing for fihe <br /> projec� <br /> Section 2. The Board understands that the County intends to finanae the project <br /> using instalIment fmancing under Section 160A-20 of the General Statutes, including the use of l�iz�nited <br /> obligation bonds or certificates of participation. The estimated m�imum amount of bonds or other <br /> obliga�ions to be issued or contracted by the County for the project{inclnding allowances for reserves and <br /> financing costs)is approximately$21,400,000. <br /> Sectian 3. The Board intends that project funds that have been advanced, or may be <br /> advanced, from its general funds,its capital reserves,or any other fund or reserves,for project costs will <br /> be reimbursed ftom the financing proceeds. The approximate aznount that the School Board expects to <br /> e�cpend before the closing,and for which the School Board expects to seek reimbursement,is$2,100,00Q. <br /> Sec�ion 4. The Board intends for this resolution to be a declaration of the Board's <br /> official intent to be reimbursed for project expenditures from financing proceeds. <br /> . ( ___ .���� December�5,2011 ___ <br /> Marianna Day Bn�hs,Board air CHCCS Date: <br />