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7 <br /> REIMBURSEMENT RESOLUTION -- <br /> ORANGE COUNTY SCHOOL PROJECT <br /> WHEREAS, the Manager and Finance Officer have described to the <br /> Board the desirability of adopting a resolution, as provided under federal tax law, <br /> to facilitate the unit's using financing proceeds to restore the unit's funds when the <br /> County makes capital expenditures prior to closing on a bond issue or other <br /> financing. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, <br /> North Carolina, as follows: <br /> Section 1. The project is providing school facilities for Orange <br /> County. <br /> I Section Z. The project is to be financed. The currently expected <br /> type of financing (which is subject to change) is County general obligation bonds. <br /> The currently expected maximum amount of bonds or other obligations to be <br /> issued or contracted for the project is $47,000,000. <br /> Section 3. Funds that have been advanced, or may be advanced, <br /> from the County's General Fund, for project costs are intended to be reimbursed <br /> from,the financing proceeds. <br /> Section 4. The adoption of this resolution is intended as a <br /> declaration of this County's official intent to reimburse project expenditures from <br /> financing proceeds. <br /> BondResultsResAttl 119 <br />