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4 <br />REIMBURSEMENT RESOLUTION - <br />LANDFILL COMPACTOR <br />WHEREAS, the Manager has described to the Board the desirability of <br />adopting a resolution, as provided under federal tax law, to facilitate the County's using <br />proceeds of tax-exempt financing to restore the County's funds when the County makes <br />capital expenditures prior to closing on the financing. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />Section 1. The project is the acquisition of a new landfill compactor. <br />Section 2. The County intends to finance the acquisition. The expected <br />type of financing (which is subject to change) is installment financing pursuant to Section <br />160A-20 of the General Statutes. The expected maxiinuin amount of bonds or other <br />obligations to be issued or contracted for the purchase is $645,225. <br />Section 3. The County intends that fiends that have been advanced, or <br />may be advanced, from the County's solid waste enterprise field for project costs will be <br />reimbursed from the financing proceeds. <br />Section 4. The County intends that the adoption of this resolution will be <br />a declaration of this County's official intent to reimburse project expendihires from <br />financing proceeds. <br />~ ~ ~ ~ ~ ~ ~ <br />I certify that the foregoing resolution was duly adopted at a meeting of the <br />Board of Commissioners of Orange County, North Carolina, duly called and held on <br />April 1, 2008, and that a quorum was present and acting throughout such meeting. Such <br />resolution remains in full effect as of today. <br />Dated this day of April, 2008. <br />[SEAL] <br />Donna Baker <br />Clerk, Board of Commissioners <br />Orange County, North Carolina <br />