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6 <br /> RES-2016-050 Attachment 3 <br /> Orange County -- Reimbursement Resolution for Fairview Park Parking Project <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 has advised the Board that it should adopt this <br /> resolution to document the County's plans for reimbursement, in order to comply with <br /> 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 Fairview Park parking expansion project. <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 certificates of participation or limited obligation bonds. The <br /> expected maximum amount of bonds or other obligations to be issued or contracted for <br /> the Project is approximately $325,000. <br /> 3. Funds for the early Project expenditures may come from the County's <br /> General Fund, or from any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of <br /> the County's official intent to reimburse itself from financing proceeds for Project cost <br /> expenditures. <br /> I certify as follows: that the foregoing resolution was properly adopted at a <br /> meeting of the Board of Commissioners of Orange County, North Carolina; that this <br /> meeting was properly called and held on June 21, 2016; that a quorum was present and <br /> acting throughout this meeting; and that this resolution has not been modified or <br /> amended, and remains in full effect as of today. <br /> Dated this day of June, 2016. <br /> [SEAL] <br /> Clerk, Board of Commissioners <br /> Orange County, North Carolina <br />