Orange County NC Website
Browse       Search
7 <br /> RES-2015-060 Attachment 3 <br /> Reimbursement Resolution for 2015-16 Vehicle Acquisition Program <br /> WHEREAS-- <br /> Orange County intends to undertake a Project (as described below), use its own <br /> funds to pay initial Project costs, and then reimburse itself from financing proceeds for <br /> these early expenditures. The Finance Officer has advised the Board that it should adopt <br /> this resolution to document the County's plans for reimbursement, in order to comply <br /> with certain federal tax rules relating to reimbursement from financing 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 of vehicles for County use, as part of the <br /> County's 2015-16 fiscal year capital investment program previously approved by the <br /> Board. <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, <br /> including the possible use of limited obligation bonds. The expected maximum amount of <br /> bonds or other obligations to be issued or contracted for the Project is approximately <br /> $772,000. The County may combine financing for this Project with financing for other <br /> County improvements and undertakings. <br /> 3. Funds for the early Project expenditures will come from the County's <br /> General 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 />