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RES- 2015 -015 <br />2 <br />Attachment 1 <br />Orange County -- Reimbursement Resolution for FY 2014 -15 Capital Projects and <br />Equipment <br />WHEREAS -- <br />The County intends to undertake a Project (as described below), use its own funds <br />to pay initial Project costs, and then reimburse itself from financing proceeds for these <br />early expenditures. The Manager and the Finance Officer have advised the Board that it <br />should adopt this resolution to document the County's plans for reimbursement, in order <br />to comply with certain federal tax rules relating to reimbursement from financing <br />proceeds. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1. The Project is the acquisition, construction and equipping of the public <br />assets and improvements described on Exhibit A. <br />2. The County intends to advance funds for initial Project costs, and then <br />reimburse itself from financing proceeds. The expected primary type of financing for the <br />Project (which is subject to change) is installment financing under Section 160A -20. The <br />financing may include more than one installment financing, and may include installment <br />financings with equipment vendors and installment financings that include the use of <br />limited obligation bonds. <br />The expected maximum amount of obligations to be issued or contracted for the <br />Project (not including allowances for reserves and financing costs) is approximately <br />$16,236,703. <br />3. Funds for the early Project expenditures may come from the County's <br />General Fund, or any other County fund. <br />4. The County intends for the adoption of this resolution to be a declaration of <br />its official intent to reimburse itself from financing proceeds for Project cost <br />expenditures. <br />