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Agenda - 02-19-2008-4m
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Agenda - 02-19-2008-4m
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Last modified
9/2/2008 8:48:49 AM
Creation date
8/28/2008 9:44:15 AM
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BOCC
Date
2/19/2008
Document Type
Agenda
Agenda Item
4m
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Minutes - 20080219
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2008
RES-2008-018 Adoption of Reimbursement Resolution for Animal Services Facility
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2000-2009\2008
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 19, 2008 <br />Action Agenda <br />Item No. -- YY1 <br />SUBJECT: Adoption of Reimbursement Resolution for Animal Services Facility <br />DEPARTMENT: Budget PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Attachment 1. Reimbursement Donna Coffey, (919) 245-2151 <br />Resolution - Animal <br />Services Facility Project <br />Attachment 2. Timeline for Debt <br />Issuance - Animal <br />Services Facility <br />PURPOSE: To adopt a reimbursement resolution authorizing the County to reimburse itself for <br />non-general obligation bond project expenditures incurred for the Animal Services Facility prior <br />to the actual issuance of debt. <br />BACKGROUND: The Board of County Commissioners has committed to constructing the <br />Animal Services Facility. Current plans include issuing non-general obligation debt, also known <br />as alternative financing, in spring 2008 to fund the project. <br />In accordance with Local Government Commission (LGC) policy, local governments must have <br />construction bids "in hand" prior to actually incurring debt. However, local governments must <br />expend monies in order to get the bids and in turn, reimburse themselves once they issue the <br />debt. As specified by the Internal Revenue Service, the tool that allows local governments to <br />proceed with planned projects and expend monies prior to issuing debt is a reimbursement <br />resolution. Reimbursement resolutions allow governing boards to state their intent to reimburse <br />themselves for capital project expenses with monies from debt financing. <br />The adoption of this resolution is consistent with past practices, for example with 1997 and 2001 <br />voter approved bonds, when there have been occasions in which approved projects incurred <br />expenditures prior to the actual sale of the authorized financing. In these instances, the Board <br />adopted reimbursement resolutions that authorized the County to expend monies up front and <br />reimburse itself once the borrowed monies were in hand. <br />FINANCIAL IMPACT: As outlined in the attached resolution, the maximum amount of debt <br />planned for issuance this spring for the Animal Services Facility totals $8 million. It is important <br />to note that this amount reflects the maximum amount of money that the County would <br />anticipate borrowing this spring to complete the new facility in order to allow flexibility to the <br />Board in approving the project's final budget. The $8 million figure is consistent with the <br />amounts outlined in the Manager's Recommended 2008-18 Capital Investment Plan (CIP).
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