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Attachment 1 <br /> Orange County Reimbursement Resolution for FY 2014-15 Capital Projects and E ui ment <br /> WHEREAS-- <br /> The County intends to undertake a Project (as described below), use its own funds to pay initial <br /> Project costs, and then reimburse itself from financing proceeds for these early expenditures. The <br /> Manager and the Finance Officer have advised the Board that it should adopt this resolution to document <br /> the County's plans for reimbursement, in order to comply with certain federal tax rules relating to <br /> reimbursement from financing proceeds. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as <br /> follows: <br /> 1. The Project is the acquisition, construction and equipping of the public assets and <br /> improvements described on Exhibit A. <br /> 2. The County intends to advance funds for initial Project costs, and then reimburse itself <br /> from financing proceeds. The expected primary type of financing for the Project (which is subject to <br /> change) is installment financing under Section 160A-20. The financing may include more than one <br /> installment financing, and may include installment financings with equipment vendors and installment <br /> financings that include the use of limited obligation bonds. <br /> The expected maximum amount of obligations to be issued or contracted for the Project (not <br /> including allowances for reserves and financing costs) is approximately$16,236,703. <br /> 3. Funds for the early Project expenditures may come from the County's General Fund, or <br /> any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of its official <br /> intent to reimburse itself from financing proceeds for Project cost expenditures. <br /> Upon motion of Commissioner , seconded by Commissioner ,the <br /> g g <br /> fore oin resolution was adopte this the 17t'day of March,2015. <br /> I,Donna Baker, Clerk to the Board of Commissioners for the County of Orange,North Carolina,DO <br /> HEREBY CERTIFY that the foregoing is a true copy of so much of the proceedings of said Board at a <br /> meeting held on March 17,2015, as relates in any way to the adoption of the foregoing and that said <br /> proceedings are recorded in the minutes of said Board. <br /> WITNESS my hand and the seal of said County,this day of MJk ',2015. <br /> Clerk to the Board of Commissioners <br /> .�. 52 <br /> :•, sa <br /> orth Cato� <br /> fi� <br />