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4 <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> REIMBURSEMENT RESOLUTION -- <br /> LOW AND MODERATE INCOME HOUSING PROJECTS <br /> WHEREAS, the County Manager has described to the Board the desirability of adopting a <br /> resolution, as provided under federal tax law, to facilitate the County's using financing proceeds to <br /> reimburse the County for capital expenditures on affordable housing projects made prior to closing <br /> on a bond issue or other financing, and the Board desires to adopt such a resolution; <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, as follows: <br /> Section 1. This reimbursement resolution is for projects related to providing housing for <br /> persons of low and moderate income. <br /> Section 2. The projects are to be financed. The currently expected type of financing <br /> (which is subject to change) is general obligation bonds. The currently expected maximum amount <br /> of bonds or other obligations to be issued or contracted for the projects is $1,800,000. <br /> Section 3. Funds that have been advanced, or may be advanced, from the County's <br /> General Fund for project costs are intended to be reimbursed from the financing proceeds. <br /> Section 4. The adoption of this resolution is intended as a declaration of the County's <br /> official intent to reimburse project expenditures from financing proceeds. <br />