Agenda - 04-15-2008-4l - Laserfiche WebLink

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REIMBiTRSEMENT RESOLUTION - THE OFFICE BUILDING AND LIBRARY PROJECT WHEREAS, the Manager has described to the Board the desirability of adopting a resolution, as provided under federal tax law, to facilitate the County's using proceeds of tax-exempt financing to restore the County's funds when the County makes capital expenditures prior to closing on the financing. BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: Section 1. The project is the acquisition, construction and equipping of a new County office building and library as outlined in an Agreement for Purchase and Sale of the Office Building and the Library approved by the Board of County Commissioners on January 15, 2008. Section 2. The County intends to finance the project. The expected type of financing (which is subject to change) is installment financing pursuant to Section 160A-20 of the General Statutes. The expected maximum amount of bonds or other obligations to be issued or contracted for the project is $17,939,079. Section 3. The County intends that funds that have been advanced, or may be advanced, from the County's general fund for project costs will be reimbursed from the financing proceeds. Section 4. The County intends that the adoption of this resolution will be a declaration of this County's official intent to reimburse project expenditures from financing proceeds. ~ ~ ~ ~ ~ ~ ~ I certify that the foregoing resolution was duly adopted at a meeting of the Board of Commissioners of Orange County, North Carolina, duly called and held on April 15, 2008, and that a quorum was present and acting throughout such meeting. Such resolution remains in full effect as of today. Dated this day of April, 2008. [SEAL] Donna Baker Clerk, Board of Commissioners Orange County, North Carolina