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7 aDl� <br /> RES-2015-060 )b <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 funds <br /> to pay initial Project costs, and then reimburse itself from financing proceeds for these early <br /> expenditures. The Finance Officer has advised the Board that it should adopt this resolution to <br /> document the County's plans for reimbursement, in order to comply with certain federal tax <br /> 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 County's <br /> 2015-16 fiscal year capital investment program previously approved by the 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 /> $794,000. 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 General <br /> Fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of its <br /> official intent to reimburse itself from financing proceeds for Project cost expenditures. <br /> NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commi sinners that <br /> this resolution is effective up approval. Upon motion of Commissioner <br /> seconded by Commissioner , the foregoing resolution was adopted thil the <br /> day of N \j S 2015. <br /> 1, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange, <br /> North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so much of the <br /> proceedings of said Board at a meeting held on 0 N . t"1 , 2015, as relates in any <br /> way to the adoption of the foregoing and that said proceedings are recorded in Minute Book <br /> No. of the minutes of said Board. <br /> W SS my hand and the seal of said County, the day f AIN . , 2015. <br /> wsauge# �o <br /> • Dona S. Baker <br /> 1 p Clerk to the Board <br /> E S? <br /> o� <br />